Conversion of Securities

RNS Number : 6656J

Standard Life UK Small.Co's Tst PLC

03 April 2018

 

Standard Life UK Smaller Companies Trust plc (Legal Entity Identifier: 213800UUKA68SHSJBE37)

3.5 per cent. Convertible Unsecured Loan Stock 2018

Results of Final Conversion of CULS 

3 April 2018 

Standard Life UK Smaller Companies Trust plc (the "Company") is pleased to announce the results of the final opportunity for holders of 3.5 per cent. convertible unsecured loan stock 2018 ("CULS") constituted by the trust deed dated 28 March 2011 (the "Trust Deed") to exercise their conversion rights ("Conversion Rights") to convert the whole or such part (being an integral multiple of £1 nominal) of their CULS into fully paid ordinary shares of 25p each in the capital of the Company ("Ordinary Shares").

On or before the final conversion date of 29 March 2018 (the "Final Conversion Date"), the Company received conversion requests in respect of £10,851,888 nominal of CULS from holders of CULS ("CULS Holders").  In accordance with the Trust Deed, the Trustee, having received written advice from an Independent Financial Adviser (acting as an expert and not an arbitrator) that in its opinion the exercise of such Conversion Rights and prompt sale by the Trustee of the arising Ordinary Shares would be in the interests of the CULS Holders concerned as a body, has exercised the Conversion Rights in respect of the remaining £200,539 nominal of CULS for which no conversion requests were received from CULS Holders.

Accordingly, the CULS have been converted into Ordinary Shares by dividing the nominal amount of the CULS to be converted by the conversion price of 237.2542 pence (the "Conversion Price") and, after taking account of fractions of Ordinary Shares which have not been issued, a total of 4,658,405 Ordinary Shares will be allotted by the Company in respect of the conversion (in respect of both those CULS Holders who converted and the conversion by the Trustee).

The Ordinary Shares that arose as a result of the exercise of Conversion Rights by the Trustee, being 84,524 Ordinary Shares, will be sold in the market and the proceeds of such sale will be remitted to those CULS Holders who made no conversion election pro rata to their holding of unconverted CULS.  The results of this sale will be announced shortly.

Applications will be made for 4,658,405 Ordinary Shares to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission").  Admission is expected to occur at 8.00 a.m. on 11 April 2018.

Total voting rights

Following Admission as noted above, the Company's issued share capital will consist of 73,837,630 Ordinary Shares, with each share carrying the right to one vote.  Therefore, the total number of voting rights in the Company is 73,837,630. The Company also holds 2,447,950 Ordinary Shares in treasury.

The above figure 73,837,630 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

ENQUIRIES

Evan Bruce-Gardyne, Aberdeen Standard Investments
Tel. [phone]

Winterflood Securities Limited - Corporate Broker
Neil Morgan
Tel. [phone]

Computershare Investor Services PLC - Registrar
Telephone helpline (UK): 0370 889 4076
Telephone helpline (outside UK): [phone]
(Lines open 8.30am to 5.30pm, Monday to Friday and excluding UK public holidays. Calls will be charged at the applicable rate and may be monitored or recorded).

 

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CONLLFIVSTIVIIT