Redemption of Ordinary Shares

RNS Number : 4035D

Miton UK MicroCap Trust plc

26 June 2019

 

26 June 2019 MITON UK MICROCAP TRUST PLC (the "Company") REDEMPTION OF ORDINARY SHARES The Company has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares on an annual basis (the "Redemption Facility"). The operation of the Redemption Facility is entirely at the discretion of the board of directors of the Company (the "Board"). As announced on 3 June 2019, the total number of ordinary shares in respect of which valid redemption requests were received for the 28 June 2019 redemption point was 14,317,907 ordinary shares (representing 9.4% of the issued share capital). A further announcement will be made shortly after the 28 June 2019 redemption point setting out the redemption price. This is expected to be released on 1 July 2019. As previously noted by the Company, it had expected to dispatch the redemption monies by 12 July 2019. However, ordinary shares may only be redeemed or purchased by the Company out of distributable reserves or the proceeds of a fresh issue of shares made for that purpose. The Company does not currently have sufficient distributable reserves, given the size of the election and the impact of the financial year-end portfolio valuation. Accordingly, the Board is proposing to cancel the Company's share premium account to create distributable reserves in order to satisfy such redemption requests in full, with the intended timetable for dispatch of redemption monies, subject to receipt of the requisite shareholder and Court approvals, being mid-August 2019. The Company intends paying the redemption monies from existing cash resources. There is approximately £87 million currently standing to the credit of the Company's share premium account. The cancellation of the share premium account requires the passing of a special resolution of the Company at a general meeting and the subsequent approval of the Court. The Company intends to publish a circular to convene a general meeting during the course of next week and this will also contain details on the timing of the Court hearings. LEI: 21380048Q8UABVMAG916 Enquiries: Miton UK MicroCap Trust plc Gervais Williams Martin Turner David Barron  Tel: [phone] Peel Hunt LLP Luke Simpson Tel: [phone]

 

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