Manchester & London Subscription and Total Voting Rights
February 12 2020 - 5:54AM
UK Regulatory
TIDMMNL
MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the "Company" or "MLIT")
12 February 2020
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&#
65533;??s Manager, and a controlling shareholder in the Company,
has today subscribed for 1,250,000 new ordinary shares of 25 pence each
("Subscription Shares") at 609.5 pence being the price equal to the latest
reported Net Asset Value ("NAV") ("Subscription"). The consideration paid for
the Subscription equals GBP7,618,750.
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, increase liquidity in its shares and spread the fixed costs of the
Company".
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 19,740,165 ordinary shares of 25 pence each ("Ordinary Shares") in
MLIT, representing 58.3% 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 18th February
2020.
Following Admission, the total number of Ordinary Shares in issue with voting
rights in the Company will be 33,860,738. This figure 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 020 7584 5733
M&L Capital Management Limited 0207
584 5733
Beaumont Cornish Limited (Sponsor)
0207 628 3396
LEI: 213800HMBZXULR2EEO10
END
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