Company Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THE JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

18 November 2024

Miton UK MicroCap Trust plc

(the “Company”)

Company Update

In October 2024, the Company announced that, considering the level of redemption requests received for the 2024 Redemption Point, the Board would engage with shareholders with regards to the future direction of the Company. 

The Board has now engaged with several shareholders. Whilst feedback provided to date voiced support for the Company and its investment manager, it was acknowledged that the Company has been through a challenging period of performance and following this year’s redemption, the Company is now at a size which some investors consider to be too small from a liquidity perspective, particularly given the increasing demand from investors for larger listed funds. The Board also acknowledges that the Company continues to trade at a persistent, material discount to its net asset value, with limited options to grow and achieve greater scale.

As a result, the Board has concluded that it is in the best interests of shareholders to put forward proposals for a voluntary winding up of the Company. The Board is however also conscious both of shareholders’ positive views of the investment manager and of the depressed valuations currently present in UK small and micro-cap companies, and as such has started discussions with Premier Miton about putting forward a scheme of reconstruction under section 110 of the Insolvency Act 1986 and voluntary winding-up of the Company (the "Scheme") through a rollover into one of Premier Miton’s open-ended funds. Should the Scheme be put forward, it is expected that a cash exit alternative will also be offered. The winding up of the Company will be subject to shareholder approval and further announcements will be made when appropriate.

The information contained within this announcement constitutes inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is Tracey Spevack of Northern Trust Secretarial Services (UK) Limited. 

Enquiries:

Miton UK MicroCap Trust plc 

Ashe Windham, Chairman                                             [e-mail]

Premier Miton Investors (Investment Manager)

Gervais Williams, Martin Turner, Claire Long                   Tel: [phone]

Peel Hunt LLP (Broker)          

Liz Yong, Huw Jeremy                                                   Tel: [phone]

LEI: 21380048Q8UABVMAG916

---

---