Dividend Declaration

Downing Strategic Micro-Cap IT PLC

18 June 2024

 

 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 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.

Downing Strategic Micro-Cap Investment Trust plc (the "Company")

LEI Number: 213800QMYPUW4POFFX69

Announcement of Third Special Interim Dividend

Following the Company's portfolio update on 30 May 2024, it has been announced that the offer for FireAngel, one of the Company's investee companies, has now gone unconditional in all respects.  In accordance with the Board's stated intention of returning cash to shareholders, this makes it practical to declare a further special dividend. The Board today has therefore declared a third special interim dividend of 17.5 pence per share, equivalent to, in aggregate, £8.0 million (the "Third Special Interim Dividend").

The Third Special Interim Dividend will be paid on 18 July 2024 to shareholders on the Company's register of members at close of business on 28 June 2024. The Company's shares will go ex-dividend on 27 June 2024.

The Third Special Interim Dividend will result in the Company having returned approximately 90.2 per cent. of the Company's NAV as at 28 February 2024 (being the date on which shareholders approved the managed wind-down of the Company) through special dividends. The Board and Investment Manager expect the remainder of the Company's portfolio to be realisable at least at carrying value.

Following the payment of the Third Special Interim Dividend, the Company will have net assets of less than £4.6 million. Accordingly, after careful consideration, the Board believes it is in shareholders' best interests that the Company proceed to enter into members' voluntary liquidation so as to return the remainder of its assets to shareholders by the most efficient means possible. The Board is in the process of exploring the possible options and the timetable for such a liquidation and will update shareholders in due course.

Hugh Aldous, Chairman of the Company, commented:

"Having pledged as a board, following shareholder approval, to carry out members' wishes to wind down the company and return cash as expeditiously and efficiently as we can, we are pleased to declare this Third Special Interim Dividend of 17.5 pence per share. This will mean that we have paid and declared for payment dividends of, in aggregate, 59.5 pence per share since shareholders approved the managed wind-down of the Company, which is approximately 90.2% of the Company's NAV as at 28 February 2024.  The remaining assets should be realisable at their carrying values, or more in current markets. The Investment Manager has done sterling work in meeting the members' wishes."

For further information, please contact:

Chairman
Hugh Aldous	Tel: [phone]

Dickson Minto Advisers LLP
Douglas Armstrong	Tel: [phone]

Media Contacts - Garfield Advisory
Andrew Garfield	Tel: [phone]
Jason Nisse	Tel: [phone]

The person responsible for arranging for the release of this announcement on behalf of the Company is ISCA Administration Services Limited, the Company Secretary.

 

END