Alliance Trust PLC Alliance Trust Plc - Outcome Of Court Hearing On Merger Reserve
July 08 2021 - 3:55AM
UK Regulatory
TIDMATST
Alliance Trust PLC
GBP645.3m increase in distributable reserves through conversion
of merger reserve
The Board of Alliance Trust PLC (the "Company") announces that
the Court has approved the conversion of its GBP645.3m Merger
Reserve into a distributable reserve, having previously received
shareholder approval to do so. This has significantly increased the
proportion of the Company's reserves capable of being distributed
to shareholders. GBP3,242m(1) is available for distribution,
thereby affording the Board additional flexibility when
contemplating its future dividend and distribution policy.
A certified copy of that Court order is expected to be
registered by the Registrar of Companies in Scotland no later than
12 July 2021.
Gregor Stewart, Chairman, commented:
"We are pleased to have completed the conversion process on
behalf of shareholders. This significantly increases our
distributable reserves and provides us with a greater degree of
financial flexibility for the future and therefore underpins the
Company's objective of paying a rising dividend."
About Alliance Trust PLC (ATST)
Alliance Trust PLC is one of the oldest and largest investment
trusts in the UK, offering a diversified but highly active global
equity portfolio at a competitive cost. The portfolio is managed by
Willis Towers Watson which selects best-in-class stock pickers from
around the world, all with different styles and approaches to
investing, and asks them to invest only in their best ideas.
Alliance Trust is an AIC Dividend Hero with 54 consecutive years of
rising dividends.
https://www.globenewswire.com/Tracker?data=3sm7xKbk86lXkgtY1yFPHNX4axtODOXcbLpk2NhWz5aZJ-KlJ4xXwxLZ9ofTEjHaItYEwk_gMqoAkO2r_c56G1BBjJwFje7LhyUB_zQ0x9YZ34nHD78qyGyRFG1uBsqs
https://www.alliancetrust.co.uk
For more information, please contact:
Mark Atkinson Sarah Gibbons-Cook
Head of Marketing and Investor Relations
Alliance Trust PLC Quill PR
Tel: 07918 724303 Tel: 020 7466 5050 / mailto:AllianceTrust@quillpr.com
AllianceTrust@quillpr.com
-----------------------------------------------------
(1) Following the conversion of the Company's Merger Reserve,
the Company's distributable reserves comprise (based on the size of
these reserves as at 31 May 2021):
Reserve Amount (GBPm)
----------------------------- -------------
Revenue Reserve 95
----------------------------- -------------
Capital Reserve:
Realised Capital Reserve 2,028
Unrealised Capital Reserve 474
----------------------------- -------------
Merger Reserve 645
----------------------------- -------------
Total Distributable Reserves 3,242
----------------------------- -------------
In the event that the Company were to distribute any Reserve
funds in the future, it may require realisation of some of the
Company's assets to the value of the funds being distributed less
any cash resources available to the Company at the time.
-END-
(END) Dow Jones Newswires
July 08, 2021 04:55 ET (08:55 GMT)
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