DIVERSE
INCOME TRUST PLC (the "Company")
Redemption
of Ordinary Shares and Total Voting Rights
The
Company has a redemption facility through which shareholders are
entitled to request the redemption of all or part of their holding
of ordinary shares of 0.1 pence each
("Ordinary Shares") on an annual basis (the "Redemption Facility").
The operation of the Redemption Facility is entirely at the
discretion of the board of directors of the Company (the "Board").
The deadline for the 31 May 2024
Redemption Point was 1 May
2024.
As
announced on 3 May 2024, the total
number of Ordinary Shares in respect of which valid redemption
requests were received for the 31 May
2024 Redemption Point was 82,147,477
Ordinary Shares
(representing 25.788%
of the issued share capital) (the "Redemption").
The Board
has resolved to effect the Redemption using the redemption pool
method set out in the Company's articles of association (the
"Articles").
The
Company has divided its assets and liabilities into two
pools:
(i)
the
redemption pool, which will consist of cash, assets and liabilities
attributable to the 82,147,477
Ordinary Shares over
which valid redemption requests were made ("Redemption Pool" and
"Redemption Shares"); and
(ii)
all the
other cash, assets and liabilities will be attributable to the
remaining shareholders and will continue to be managed in
accordance with the current investment policy.
Following
this division, the Redemption Shares were redeemed on 31 May 2024 and upon such redemption are treated
as cancelled; former holders of the Redemption Shares are now
creditors of the Company.
The assets
of the Redemption Pool will be liquidated and the Redemption Price
per Ordinary Share will equal the aggregate cash received by the
Company upon the realisation of the Redemption Pool, after
deducting the costs of the redemption, which will be borne by the
pool, an adjustment for any attributable unsettled liabilities and
a pro-rata share of the costs and expenses of the Company not
attributable to a particular pool, divided by the number of
Redemption Shares, as set out in the Articles.
It should
be noted that the liquidation of the Redemption Pool is expected to
take some weeks or months, and the final capital sum may differ
from the Company's net asset value per Ordinary Share at the
Redemption Point depending on market conditions.
Further
announcements in respect of the Redemption Pool will be made when
appropriate.
Total
Voting Rights
As at
31 May 2024, following the
cancellation of the Redemption Shares, the Company's issued share
capital consists of 236,393,165 Ordinary Shares and 50,000
management shares of £1 each. The Company does not hold any shares
in treasury. As at 31 May 2024, the
total number of voting rights in the Company is
236,393,165.
The above
figure (236,393,165) may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest, or a change to their interest,
in the Company under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
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.
3 June 2024
Contact
details:
Premier Miton Group plc
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Gervais Williams
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gervais.williams@premiermiton.com
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01483 306090
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Martin Turner
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martin.turner@premiermiton.com
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Claire Long
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claire.long@premiermiton.com
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Panmure Gordon
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Alex Collins
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Alex.collins@panmure.com
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020 7886
2767
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LEI:
2138005QFXYHJM551U45