Result of Second General Meeting

The Company announced on 26^th March 2024 that the special resolution to place the Company into members' voluntary liquidation was voted on and approved by Shareholders at the Second General Meeting held earlier on that day. Accordingly, Gareth Rutt Morris and Jonathan Dunn, both of FRP Advisory Trading Limited of Kings Orchard, 1 Queen Street, Bristol BS2 0HQ, have been appointed as joint liquidators of the Company. Details of the number of votes cast for, against and withheld in respect of the resolution, which was held on a poll, is set out below.

1. The number of Shares in issue as at the voting record time of 6.30 p.m. (London time) on 22 March 2024 (the "Voting Record Time") was 93,115,643. As at that date 21,247,235 Shares were held in treasury. Therefore, the total number of voting rights in the Company as at the Voting Record Time was 71,868,408.
2. A ‘vote withheld’ is not a vote in law and will not be counted in the calculation of the proportion of the votes for and against the resolution.

The full text of the special resolution is set out in the Notice of Second General Meeting contained in the Circular.

The Circular is available to view at the links below. 

Suspension and Cancellation of Shares

The listing of the Company's Shares was suspended at 7.30 a.m. on 26 March 2024 and the cancellation of listing and admission to trading of the Shares was effective from 8.00 a.m. on 27 March 2024.

Entitlements under the Scheme

As at the Calculation Date, Shareholders’ entitlements under the Scheme calculated in accordance with the terms of the Scheme were as follows:

• MATE FAV per Share: 104.063823 pence
• JGGI FAV per Share: 552.086482 pence

Therefore, Shareholders received 0.188492 New JGGI shares for each MATE Share.

Fractional entitlements to New JGGI Shares were not issued under the Scheme and entitlements were rounded down to the nearest whole number. No cash payment was made or returned in respect of any fractional entitlements, which were retained for the benefit of JGGI.

As noted in the Circular, the Directors have set aside sufficient assets in the Liquidation Pool to meet all estimated liabilities and contingencies, including the costs of the winding up of the Company and the costs of implementing the Scheme. The Directors have also provided in the Liquidation Pool for a retention of £100,000 which they, together with the joint Liquidators, consider sufficient to meet any unknown or unascertained liabilities of the Company.

The Liquidation Pool will be applied by the joint Liquidators in discharging all current and future, actual and contingent liabilities of the Company and any balance remaining after discharging such liabilities from the Liquidation Pool will in due course be distributed to Shareholders on the Register on the Effective Date pro rata to their respective holdings of MATE Shares in accordance with the terms of the Scheme.

All further enquiries regarding the Company should be made to the Liquidators, whose contact details are below.

In accordance with the Circular, Shareholders received their New JGGI Shares; (i) in relation to holders in CREST, via CREST on 27 March 2024; and (ii) in relation to certificated shareholders, in certificated form by 12 April 2024. 

Pre-liquidation Dividend

As announced on 15 February 2024, the pre-liquidation dividend of 1.2 pence per Share was paid on 22 March 2024 to those Shareholders who were on the register as at close of business on 23 February 2024.

The Circular regarding the scheme of reconstruction and voluntary winding up can be found here >

and at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The website for the company into which MATE was combined with (JPMorgan Global Growth & Income plc) can be found here >

For further information please contact:

Registrars : 0371 384 2329, +44 121 415 0225 (calling from overseas)

Liquidators : +44(0) 117 203 3700, bristol@frpadvisory.com

JPMorgan Funds Limited : +44 (0) 20 7742 4000, invtrusts.cosec@jpmorgan.com