VOLUNTARY REDEMPTION OF ORDINARY SHARES

RNS Number : 6157R

Miton UK MicroCap Trust plc

10 March 2016

 

MITON UK MICROCAP TRUST PLC (the "Company")
VOLUNTARY REDEMPTION OF ORDINARY SHARES (NOT APPLICABLE TO C SHARES CURRENTLY IN ISSUE)
The Company operates a voluntary redemption facility through which shareholders can request the redemption of all or part of their holding of redeemable ordinary shares of 0.1p each ("ordinary shares") for cash on the last business day in April in each year.
There is no requirement for shareholders to take any action should they wish to retain their ordinary shares. As at close of business on 8 March 2016, the ordinary share price was 55.25p, and the net asset value (including current period revenue) was 52.32p per ordinary share, so the ordinary shares were trading at a 5.60% premium. The C shares of £0.01 each currently in issue are not redeemable.
Shareholders submitting valid requests for the redemption of ordinary shares will have their shares redeemed at the Redemption Price or the Company may arrange for such shares to be sold in the market at the Net Asset Value (including current period revenue) prevailing at the end of April (subject to the Directors' discretion). The Directors are minded to approve all requests unless there are exceptional reasons why this would be contrary to the interests of shareholders.
A redemption of ordinary shares may be subject to either income tax and capital gains tax. In particular, private shareholders that sell their shares via the redemption mechanism could find they are subject to income tax on the gains made on the redeemed shares rather than the more usual capital gains tax on the sale of their shares in the market. However individual circumstances do vary, so shareholders who are in any doubt about the redemption or the action that should be taken should consult their stockbroker, accountant, tax adviser or other independent financial adviser.
Shareholders wishing to request the redemption of all or any of their ordinary shares at the proposed Redemption Point should deliver to the Company's Registrar a duly completed Redemption Request form together with their share certificate or TTE instruction (in respect of shares held in uncertificated form) in accordance with the timetable set out below. Redemption Request forms are available from the Company's Registrar, Capita Asset Services, on 0871 664 0300 (calls cost 12p per minute plus network extras, lines are open Monday to Friday 9am to 5.30pm) or on email at [e-mail].
None of the Directors of the Company intend to redeem any of their ordinary shares under the redemption facility.
The relevant dates for the April 2016 Redemption Point are outlined below:
1 April 2016	Latest date for receipt of Redemption Requests and certificates for certificated shares
3.00 pm on 1 April 2016	Latest date and time for receipt of Redemption Requests and TTE instructions for uncertificated shares via CREST
5.00 pm on 29 April 2016	The Redemption Point
On or before 16 May 2016	Company to notify Redemption Price and dispatch redemption monies; or                                If the redemption is to be funded by way of a Redemption Pool, Company to notify the number of shares being redeemed. Notification of Redemption Price and dispatch of redemption monies to take place as soon as practicable thereafter
On or before 31 May 2016	Balance certificates to be sent to shareholders
Further details of the redemption facility are set out in the Company's Articles of Association, and are also available from the Company Secretary.
The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price.
Defined terms in the announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.
10 March  2016

 

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