Manchester & London Subscription and Total Voting Rights
December 06 2017 - 8:25AM
UK Regulatory
TIDMMNL
MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the "Company" or "MLIT")
6 December 2017
Subscription and Total Voting Rights
MLIT announces that M&M Investment Company Plc ("MMIC"), a company controlled
by Mark Sheppard, the owner of M&L Capital Management Limited, the Company's
Manager, and a controlling shareholder in the Company, has today subscribed for
1,078,849 new ordinary shares of 25 pence each ("Subscription Shares") at
444.92 pence being the price equal to the latest reported Net Asset Value
("NAV") ("Subscription"). The consideration paid for the Subscription equals GBP
4,800,015.
Brett Miller, Director of the Company, said: "We are very pleased to have the
support of our major shareholder in providing funding at the latest reported
NAV, which is higher than the current market price. The proceeds of the
Subscription will provide further investment funds to enable the Company to
grow its portfolio of investments".
This transaction is deemed to be a smaller related party transaction within the
definition of Listing Rule 11.1.10R because the percentage ratios are less than
5% but exceed the 0.25% threshold as set out in LR 11.1.10R(1).
Following the Subscription, Mark Sheppard, via MMIC, will be interested in a
total of 12,339,870 ordinary shares of 25 pence each ("Ordinary Shares") in
MLIT, representing 52.43% of the Company's issued share capital, as enlarged by
the Subscription. The Subscription Shares will rank pari passu with the
existing Ordinary Shares in issue.
Applications are being made to the UK Listing Authority and the London Stock
Exchange for the Subscription Shares to be admitted to the Official List and to
trading on the London Stock Exchange's Main Market for listed securities (the
"Admission"). The Admission is expected to take effect and dealings in the
Subscription Shares will commence at 8:00 am (London Time) on 12 December 2017.
Following Admission, the total number of Ordinary Shares in issue with voting
rights in the Company will be 23,535,891. This figure of 23,535,891 may be used
by shareholders as the denominator for the calculation by which they may
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.
The information contained within this announcement is considered to be inside
information, for the purposes of Article 7 of EU Market Regulation 596/2014,
prior to its release.
For enquiries:
Manchester and London Investment Trust PLC 0161 228
2389
M&L Capital Management Limited
0207 584 5733
Beaumont Cornish Limited (Sponsor)
0207 628 3396
LEI: 213800HMBZXULR2EEO10
END
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