Result of Tender Offer

RNS Number : 6217D

Pacific Horizon Investment Tst PLC

27 October 2015

 



27 October 2015

PACIFIC HORIZON INVESTMENT TRUST PLC     

Results of Tender Offer

Further to the announcement by the Company on 7 August 2015 of a tender offer for up to five per cent. of the Company's shares in issue (the "Tender Offer"), details of which were contained in a circular sent to shareholders dated 28 September 2015 (the "Circular"), the Board announces that the Tender Offer was over-subscribed with 39.77 per cent. of the Company's issued share capital being validly tendered. As a result, the Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 4.201827 per cent. of the excess Shares tendered.

The fair value cum income net asset value per Share as at the Calculation Date was 188.02 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular is 180.8152 pence per Share.

A total of 3,164,442 Shares will be repurchased by the Company under the Tender Offer and cancelled. Following the implementation of the Tender Offer the Company will have 60,124,411 Shares in issue.

It is expected CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares on 29 October 2015 and that cheques and balancing certificates in respect of unsold certificated Shares will be dispatched on or around 2 November 2015.

Terms used in this announcement shall, unless the context otherwise requires, have the same meaning given to them in the Circular.

All enquiries:

Baillie Gifford & Co Limited, Company Secretaries

Karen Havranek    Tel: [phone]

J.P. Morgan Cazenove,

William Simmonds      Tel: [phone]

 

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