Statement re Final Exercise of Subscription Shares

RNS Number : 8067T

Standard Life Equity Income Tst PLC

10 January 2017

 

STANDARD LIFE EQUITY INCOME TRUST PLC (the "Company")

FINAL EXERCISE OF SUBSCRIPTION SHARES

10 January 2017

Further to the announcement by the Company on 30 December 2016, the Company has been informed by the Final Subscription Trustee, appointed pursuant to paragraph 8(g) of Schedule 1 of the articles of association of the Company (the "Articles"), that it has exercised the rights attaching to the 2,141,824 unexercised Subscription Shares.

Subscription Shareholders, on whose behalf the Final Subscription Trustee has exercised the outstanding Subscription Share Rights and is selling the resulting Ordinary Shares, will receive the net proceeds of such sale after deduction of the Subscription Price of 320p together with all associated fees, costs and expenses.

The Ordinary Shares resulting from the exercise by the Final Subscription Trustee were sold in the market at a price of 392 pence per share. The proceeds of such sale, after deduction of the Subscription Price and all associated fees, costs and expenses, will be remitted to those Subscription Shareholders. Accordingly, those Subscription Shareholders will receive 70.588 pence per unexercised Subscription Share Right, provided that entitlements of under £5 shall be retained for the benefit of the Company.

The listing of the Subscription Shares was suspended on 3 January 2017. Following the exercise of the outstanding Subscription Share Rights noted above, the Company has requested that the UK Listing Authority cancel the listing of the Subscription Shares on or around 8 February 2017.

It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 16 January 2017.

Total Voting Rights

Following the issue of the new Ordinary Shares noted above, and the 1,754,114 Ordinary Shares resulting from the exercise of Subscription Share Rights by shareholders prior to the Final Subscription Date as announced on 23 December 2016, the Company's issued share capital consists of 49,176,782 Ordinary Shares, with each share carrying the right to one vote. The Company also holds 1,985 shares in Treasury.

Therefore, the total number of voting rights in the Company is 49,176,782.

The above figure 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 Guidance and Transparency Rules sourcebook.

Capitalised terms shall have the same meaning set out in the Articles unless otherwise defined.

Contact for queries:

Evan Bruce-Gardyne

Standard Life Investments

0131 245 0571

 

END

 

 

STRBMMTTMBTBBAR