Redemption of Ordinary Shares

RNS Number : 5395R

Miton UK MicroCap Trust plc

30 June 2020

 

30 June 2020

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 of 0.1 pence each ("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"). The deadline for the 30 June 2020 Redemption Point was 2 June 2020.

As announced on 3 June 2020, the total number of Ordinary Shares in respect of which valid redemption requests were received for the 30  June 2020 Redemption Point was  27,061,157 Ordinary S hares (representing  19.56 % of the issued share capital) (the "Redemption").

The Board has resolved to effect the Redemption using the redemption pool method set out in the Company's articles of association (the "Articles").

The Company will notionally divide its assets and liabilities into two pools:

(i)  the redemption pool, which will consist of cash, assets and liabilities attributable to the 27,061,157 Ordinary S hares over which valid redemption requests were made ("Redemption Pool" and "Redemption Shares"); and

(ii)  the continuing pool, which will contain all the other cash, assets and liabilities of the Company ("Continuing Pool").

The assets of the Redemption Pool will be liquidated and the Redemption Price per Ordinary Share will equal the aggregate cash received by the Company upon the realisation of the Redemption Pool, after deducting the costs of the redemption, which will be borne by the relevant pool, an adjustment for any attributable unsettled liabilities and a pro-rata share of the costs and expenses of the Company not attributable to a particular pool, divided by the number of Redemption Shares, as set out in the Articles.

It should be noted that the liquidation of the Redemption Pool is expected to take some weeks or months, and the final capital sum will not be equal to the Company's net asset value per Ordinary Share at the Redemption Point. The Company may make interim distributions in respect of the Redemption Price.

Further announcements in respect of the Redemption Pool will be made when appropriate.

Enquiries:

Miton UK MicroCap Trust plc
Gervais Williams Martin Turner	Tel: [phone]

Peel Hunt LLP
Luke Simpson Liz Yong	Tel: [phone]

LEI:  21380048Q8UABVMAG916

 

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