Publication of Prospectus

RNS Number : 3947Y

Murray International Trust PLC

21 December 2010

 



MURRAY INTERNATIONAL TRUST PLC

Publication of Prospectus

21 December 2010

The Board of Murray International Trust PLC (the "Company") is today pleased to announce the publication a Prospectus relating to the prior issue of 7,854,500 Ordinary Shares.

Background to the publication of the Prospectus

The Company has used the authority to issue New Shares granted by Shareholders at each annual general meeting in order to issue new Ordinary Shares at a premium to Net Asset Value. The Ordinary Shares of the Company have largely traded at a premium to Net Asset Value from 1 February 2009 to 16 December 2010 (the latest practicable date prior to the date of this document), and during this period the Board has issued a total of 12,491,500 new Ordinary Shares.

The Board considers that the Company's continuing ability to issue Shares at a premium is central to its ability to prevent a build up of excessive demand for the Shares and, more generally, to its ability to reduce the risk of volatility in the price of a Share relative to its Net Asset Value.

The FSMA and the Prospectus Rules provide that where a company issues in a twelve month period new shares representing 10 per cent or more of the company's issued share capital which are already admitted to trading on a regulated market, then the company concerned is required to issue a prospectus. In the period from 22 December 2009 to 16 December 2010 (the latest practicable date prior to the date of this document), the Company has issued 7,854,500 new Ordinary Shares in operating the Board's premium control policy, raising net proceeds of £65,670,405. These Shares represent 7.56 per cent of the Company's issued share capital as at 16 December 2010 (the latest practicable date prior to the date of this document).

To ensure that the Company retains the maximum flexibility to operate the premium control policy and to meet demand for the Ordinary Shares, the Board has decided to publish this document. Following the publication of the Prospectus, the Company will be able to disregard the 7,854,500 new Ordinary Shares issued in the period from 22 December 2009 to the date of the Prospectus, which the Board believes will provide the ability to issue New Shares going forward within the Prospectus Rules.

The Company has used the net proceeds of £65,670,405 in the period from 22 December 2009 to 16 December 2010 to acquire additional investments in accordance with the Company's policy of investing in a diversified portfolio of international equities and fixed income securities spread across a range of industries and economies.

Availability of the Prospectus

A Copy of the Prospectus has been submitted to the National Storage Mechanism and is available at www.hemscott.com/nsm.do and is also available from the Company's website www.murray-intl.co.uk

Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

Save where the context requires otherwise, defined terms used in this announcement shall have the meaning given to them in the Prospectus.

Contacts  

William Hemmings, Aberdeen Asset Managers Limited, 020 7463 6000

Tom Durie/Neil Langford, Oriel Securities Limited, 020 7710 7600

 

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