Final Conversion of B Ordinary Shares

RNS Number : 5082C

Murray International Trust PLC

28 June 2016

 

MURRAY INTERNATIONAL TRUST PLC

(the "Company")

CONVERSION OF b ORDINARY SHARES

Further to the announcement on 14 March 2016, and the passing of certain resolutions at the Annual General Meeting and B Ordinary Share ("B Share") and Ordinary Share class meetings, the Company announces that up to 948,280 new Ordinary Shares will be issued pursuant to the one for one conversion of the outstanding 938,892 B Shares together with the bonus offer of additional New Ordinary shares at a ratio of 101 Ordinary Shares for every 100 B Shares held at the Record Date.

The conversion is being conducted pursuant to the Articles of Association, as amended, at the discretion of the Company's Board of Directors.

The Ordinary Shares arising on conversion of the B Shares will rank pari passu with, and will have the same rights as, the Ordinary Shares already in issue, including the right to receive all dividends from the date of their admission including the first interim dividend declared on 26 April 2016.

No fractions of Ordinary Shares will be issued and B Shareholders' entitlements will be rounded down to the nearest whole number of Ordinary Shares. For the avoidance of doubt, as an example, a B Shareholder who holds 99 B Shares at the Record Date will be entitled to receive 99 Ordinary Shares upon conversion.

Admission to the Official List and to trading on the London Stock Exchange

On the basis of the ratio of 101 Ordinary Shares for every 100 B Shares held at the Record Date, applications have been made for up to 948,280 new Ordinary Shares to be admitted to the Premium Segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in these new Ordinary Shares will commence at 8.00 a.m. on 1 July 2016.

The B Share register is expected to close at 5.00 p.m. on 30 June 2016.  The listing of the B Shares is expected to be cancelled from the Official List and the London Stock Exchange with effect from 8.00 a.m. on 4 July 2016.

Expected timetable

Record Date for the B Share Conversion (the date on which B Shareholders' entitlement to Ordinary Shares will be assessed)	close of business on 30 June 2016
Effective Date for the B Share Conversion	1 July
Admission and dealings commence in new Ordinary Shares and CREST accounts credited in respect of new Ordinary Shares issued in uncertificated form	8.00 a.m. on 1 July
Cancellation of the listing of the B Shares	8.00 a.m. on 4 July
Certificates for new Ordinary Shares issued in certificated form dispatched	week commencing 11 July

All references in the expected timetable are to London time.

Voting Rights and Capital

Effective from 1 July 2016, it is expected that the Company's share capital will consist of 128,009,069 Ordinary Shares, each Ordinary Share conferring upon the holder one vote. Therefore, the total number of voting rights in the Company will be 128,009,069. In addition, there are 541,163 Ordinary shares in Treasury.

This figure (128,009,069) 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 FCA's Disclosure and Transparency Rules.

For further information please contact:

Charles Mearns

Aberdeen Asset Management PLC

T: 0131 528 4000

 

END

 

 

MSCFVLFLQQFLBBZ