Letter from the Chairman

Letter from the Chairman



11-12 Hanover Street, London, W1J 5BB
Telephone 020 7011 4100


THIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.  If you are in any doubt as to the action you should take, you should consult your independent financial adviser authorised under the Financial Services and Markets Act 2000 immediately.  This letter should be read in conjunction with the enclosed Shareholder Circular.


22nd November 2012

Dear Shareholder,

Today we have posted a Shareholder Circular is in respect of the proposed conversion of Sigma shares into Ordinary shares announced by the Board on 26th September 2012. In both my Chairman’s Statement in the Interim Report and Letter to Shareholders in the Shareholder Circular I set out the background to the proposal, the benefits for both Ordinary shareholders and Sigma shareholders and why the Board unanimously recommends that you vote in favour of the Resolutions to be proposed at the meetings.

Copies of these documents can also be found on this website.

I would urge you to read these documents and to vote. The quorum for the Ordinary Shareholders’ Meeting and the Sigma Shareholders’ meeting requires one third of the Ordinary shares and the Sigma shares respectively, to be represented in person or by proxy at these meetings. It is therefore important that shareholders return their Proxy Forms, or Forms of Direction if you hold your shares through an Alliance Trust Plan, as soon as possible.


Yours faithfully

Peter Salsbury


Directors: P L Salsbury BSc Chairman • C M Burton MA
S Marrison • H Seaborn FRICS • P Spencer FCMA • D Watson

Registered as an Investment Company in England No 84492
Registered Office: 11-12 Hanover Street, London, W1S 1YQ

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