Statement re Subscription Shares

RNS Number : 7390S

Standard Life Equity Income Tst PLC

23 December 2016

 

Standard Life Equity Income Trust plc (the "Company")

Exercise of rights to subscribe for Ordinary Shares attaching to Subscription Shares and Final Date

23 December 2016

In December 2010, the Company issued subscription shares of 0.01 pence each (the "Subscription Shares") on the basis of one Subscription Share for every five ordinary shares. The Subscription Shares provide the registered holder (a "Subscription Shareholder") with the right to subscribe for one ordinary share for every Subscription Share held at a price of 320 pence per ordinary share on the last business day of June and December each year (the "Subscription Share Rights"). 30 December 2016 is the final exercise date for Subscription Share Rights. Subscription Shareholders had up to 5pm on 16 December 2016 to apply to exercise their Subscription Share Rights.

The Company announces that it has received applications from Subscription Shareholders to exercise the Subscription Share Rights to subscribe for 1,754,114 ordinary shares of 25p each in the capital of the Company ("Ordinary Shares"), subject to listing, at a price of 320p per Ordinary Share. In accordance with the Company's articles of association, such Ordinary Shares will be allotted with effect from 30 December 2016. 

Application will be made for the new Ordinary Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 16 January 2017.

As at the date hereof 2,141,824 Subscription Shares have not had their Subscription Share Rights exercised. In accordance with the terms and conditions on which the Subscription Shares were issued (as set out in the prospectus published by the Company on 19 November 2010), the Company has appointed a final subscription trustee (the "Trustee"). If the Trustee determines that there would be net proceeds (having taken account of the price payable to the Company for its Ordinary Shares and all the costs and expenses of exercise and the subsequent sale of Ordinary Shares arising on the exercise of the Subscription Rights), then the Trustee will exercise all such unexercised Subscription Share Rights and then sell the Ordinary Shares (the "Sale"). The Trustee will distribute the net proceeds of the Sale (after deduction of the costs and expenses) to the relevant Subscription Shareholders pro rata  by no later than 24 February 2017, save that, in accordance with the articles of association, aggregate entitlements per holder of less than £5.00 shall be retained for the benefit of the Company.

If the Trustee does not exercise the Subscription Share Rights conferred by the outstanding Subscription Shares by 14 January 2017, all Subscription Share Rights conferred by the Subscription Shares will lapse with nil value. The Trustee's decision is final and binding on all outstanding Subscription Shareholders.

Contact for queries:

Evan Bruce-Gardyne

Standard Life Investments

07720 073216

William Simmonds

J.P. Morgan Cazenove

02077424000

 

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