Issue of new Ordinary Shares / Total Voting Rights

RNS Number : 9114J

Mid Wynd Inter Inv Trust PLC

22 December 2015

 

Mid Wynd International Investment Trust plc (the "Company")

Reconstruction of Drumeldrie Investments Limited

The Board of the Company is pleased to have been selected as the rollover option for the reconstruction and winding up of Drumeldrie Investments Limited ("Drumeldrie"), a privately owned investment company.

The Board of the Company has approved the rollover of certain of the undertaking and assets of Drumeldrie to the Company in exchange for the issue of new ordinary shares in the Company ("New Shares") at net asset value (plus costs) by way of a scheme of reconstruction and winding up of Drumeldrie under section 110 of the Insolvency Act 1986 (the "Drumeldrie Scheme"). The undertaking and assets to be acquired by the Company have a value of approximately £4.1 million and are expected to be transferred to the Company in four equal installments, with the first taking place in December 2015 and at the end of each calendar quarter thereafter. All of the Company's costs in respect of the Company's participation in the Drumeldrie Scheme shall be paid by Drumeldrie.

On 22 December 2015 the Company will acquire £1,025,000 of the undertaking and assets of Drumeldrie in consideration of the issue of 311,630 New Shares to the Shareholders in Drumeldrie. The undertaking and assets being transferred are expected to comprise primarily cash and cash equivalent investments.

The number of New Shares to be issued to Drumeldrie Shareholders under the Drumeldrie Scheme is based on the value of the assets being transferred by Drumeldrie to the Company and the net asset value of shares in the Company as at close of business on 21 December 2015 and will be issued under the Company's existing block listing facility. 

Total voting rights

Following the issue of New Shares pursuant to the Drumeldrie Scheme, the Company's issued share capital will comprise 27,175,460 Ordinary shares with no shares being held in treasury.  Therefore the total number of Ordinary shares with voting rights in the Company is 27,175,460. The above figure (27,175,460) 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 Financial Conduct Authority's Disclosure and Transparency Rules.

For further information, please contact:

Artemis Fund Managers Limited

Company Secretary

Telephone: [phone]

22 December 2015

 

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