Investment Policy Amendment

RNS Number : 1016P

Downing Strategic Micro-Cap IT PLC

24 May 2018

 

DOWNING STRATEGIC MICRO-CAP INVESTMENT TRUST PLC (the "Company")

Investment Policy Amendment

Under the Company's investment policy, no single investment may represent more than 15 per cent. of the Gross Assets of the Company at the time of investment. At the time the decision was made to participate in the latest investment into Real Good Food, the aggregate value of the Company's investment into the company was below 15 per cent. However, during the period of negotiations, the net asset value of the Company fell, resulting in the value of the investment slightly exceeding 15 per cent.

To enable the Company to proceed with the investment but also to preserve flexibility going forward in comparable circumstances, the Board has resolved to make the following amendment to its investment policy which it does not consider to be material for the purposes of Listing Rule 15.4.8. The Financial Conduct Authority was consulted and does not disagree with the Board's view that this does not constitute a material change for the purpose of Listing Rule 15.4.8R.

"No single investment will represent more than 15 per cent. of the Gross Assets at the time of investment save that the Company may make a follow on investment into an existing investee company where such investment may result, due to fluctuation in market conditions, in a single investment representing up to 15.5 per cent. of Gross Assets at the time of investment, where this is likely to maximise the value of the Company's existing investment for Shareholders."

Maitland Administration Services Limited

Corporate Secretary

 

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