[2008-01-23]  CAUTIONARY ANNOUNCEMENT-Authorisation of Financial Services Commission

The Board of Directors has taken note of the decision of the Financial Services Commission “to authorise the following:
-The establishment of the NIT UNIT TRUST (the ‘Trust’);
-The creation of the Local Equity Fund as the Trust’s sub-fund;
-The creation of the Global Opportunities Fund as the Trust’s sub-fund;
-The appointment of the National Investment Trust Ltd as the Manager of the Trust;
-The appointment of the State Bank of Mauritius as the Trustee of the Trust”.
Given the fact that the implementation of the project will entail both a dividend in specie and, a reduction in the share capital of the Company, in line with this latest development, the Board has approved the following time-table to ensure the successful completion of the Plan.
Date/Event
31.01.08
Effective date of the restructuring;
15.02.08
Exact terms of the split to be made public;
29.02.08
cum-div date for units entitlement in LEF & GOF;
03.03.08
ex-div date for units entitlement in LEF & GOF + Beginning of suspension of trading of NIT shares;
24.03.08
End of suspension and trading of restructured NIT shares + LEF & GOF fully operational.
Taking 31 December 2007 as an indicative date, based on the market value of the Company’s portfolio of assets at that date, post-restructuring every shareholder with 1 NIT share would have been entitled to:
-25 units in the Local Equity Fund (with a launch value of Rs 1.00 each);
-12 units in the Global Opportunities Fund (with a launch value of Rs 1.00 each);
-0.3 share in ‘new’ NIT (the indicative price of the new NIT shares on re-introduction, i.e., on 24th March 2008, will be Rs 10.00 per share).
As stated in our previous Cautionary Announcements, final distribution will depend on the evolution of the prices of the Company’s underlying investments up to the effective date of the restructuring.
All shareholders and the public are therefore advised to exercise caution in dealing with their shares on the Stock Exchange.
By Order of the Board
Gaetan Wong To Wing
General Manager
23 January 2008
This Communiqué is issued pursuant to Listing Rule 11.3.
The Board of Directors of the National Investment Trust Ltd accepts full responsibility for the accuracy of the information contained in this communiqué.

Source: Copyright 2006 The Stock Exchange of Mauritius