Result of Initial Placing

RNS Number : 6003H

Investment Company PLC

21 June 2013

 



The Investment Company plc

(the "Company")

Result of Initial Placing & Initial Placing Price

Result of Initial Placing

On 31 May 2013 the Company published a prospectus in connection with proposals which included, inter alia, an issue of new Ordinary Shares pursuant to the Initial Placing as part of the Placing Programme.

Following the close of the Initial Placing at 12.00 noon on Tuesday, 18 June 2013 the Board is pleased to announce that it has conditionally raised gross proceeds of £4.345 million.

The Initial Placing is conditional, inter alia, on the Preference Share Resolution and the Resolutions being passed at the Company's Class Meeting and General Meeting, to be held on 24 June 2013 at 11.00 a.m. and 11.15 a.m. respectively.

An announcement confirming the results of the Class Meeting and General Meeting will be made shortly after the close of the meetings.

Initial Placing Price

In accordance with the terms of the Initial Placing, the Initial Placing Price is the Pro Forma NAV per Ordinary Share as at the Calculation Date (18 June 2013) less 5 per cent. The Company today announces that, based on the Pro Forma NAV per Ordinary Share of 345.32p as at 18 June 2013, the Initial Placing Price is 328.05p per Ordinary Share.

Preference Share Conversion Ratio

In accordance with the terms of Conversion described in the Prospectus, each of the Company's Preference Shareholders will be entitled to such number of Ordinary Shares as equals the number of Preference Shares held by that Preference Shareholder as at the Record Date (26 June 2013) multiplied by the Preference Share Conversion Ratio.

The Preference Share Conversion Ratio, calculated in accordance with the procedures described in the Prospectus is such that the NAV of the Ordinary Shares arising following Conversion of the Preference Shares will be equal to 107p per Preference Share based on the Pro Forma NAV per Ordinary Share as at the Calculation Date.

Based on the Pro Forma NAV per Ordinary Share of 345.32p on the Calculation Date, the Preference Share Conversion Ratio is 0.309855 and, accordingly, 309.855 Ordinary Shares will be issued for every 1,000 Preference Shares.

Admission and dealings

Applications will shortly be made to the UK Listing Authority and the London Stock Exchange respectively for the 1,324,493 Initial Placing Shares and the 1,547,665 Conversion Shares (in aggregate 2,872,158 Ordinary Shares) to be admitted to the Official List and to trading on the main market for listed securities. It is expected that Admission will occur, and that dealings will commence, on 27 June 2013. It is anticipated that CREST accounts will be credited (where applicable) on the same day and new share certificates will be issued as soon as practicable following admission.

Following Admission, the Company's listed share capital will comprise 4,772,049 Ordinary Shares of which 32,500 are held in treasury. Accordingly, there will be 4,739,549 Ordinary Shares with voting rights and this figure may be used by Shareholders as the denominator for the calculations by which they should determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Terms used and not defined in this announcement bear the meaning given to them in the Prospectus published on 31 May 2013.

For further information please contact:

Westhouse Securities Limited Alastair Moreton/Darren Vickers

020 7601 6118

 

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