THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
For immediate release.
Downing
Strategic Micro-Cap Investment Trust plc (the "Company")
LEI
Number: 213800QMYPUW4POFFX69
Announcement of Second Special Interim
Dividend
In accordance with the Board's stated intention
of returning cash to shareholders, in addition to the special
interim dividend of 30 pence per share paid by the Company on 26
April 2024, the Board today declares a second special interim
dividend of 12 pence per share, equivalent
to, in aggregate, £5.5 million (the "Second Special Interim
Dividend").
The Second Special Interim Dividend
will be paid on 21
June 2024 to
shareholders on the Company's register of members at close of
business on 7 June 2024. The Company's shares will go ex-dividend
on 6 June 2024.
The Second Special Interim Dividend will result
in the Company having returned approximately 64 per cent. of the
Company's NAV as at 28 February 2024 (being the date on which
shareholders approved the managed wind-down of the Company) to
shareholders by 30 June 2024 through special dividends. The Board
and Investment Manager expect the remainder of the Company's
portfolio to be realisable at least at carrying value and the Board
expects to announce a third special dividend in July
2024.
Hugh Aldous,
Chairman of the Company, commented:
"We have
pledged as a Board to carry out the wishes of the shareholders to
wind up the Company and return cash as efficiently as we can. We
are pleased to announce that the efforts of our Manager to realise
the value in the portfolio are proceeding ahead of plan and we are
therefore able to increase the amount of dividend we were planning
to distribute in June by 50 per cent. to 12 pence per share.
Together with the 30 pence per share dividend already announced and
paid out, this additional distribution of 12 pence per share (or 18
per cent. of the Company) will mean that by end of June the amount
returned to shareholders will be approximately £19.5m (being
approximately 64 per cent of the company's net assets as at 28
February 2024), which is more than we estimated in our
announcements made in December 2023 and February
2024"
For further
information, please contact:
Chairman
|
|
Hugh Aldous
|
Tel: 020 7416 7780
|
Dickson Minto
Advisers LLP
|
|
Douglas Armstrong
|
Tel: 020 7649 6823
|
Media Contacts
- Garfield Advisory
|
|
Andrew Garfield
|
Tel: 07974 982337
|
Jason Nisse
|
Tel: 07769 688618
|
The person responsible for arranging for the
release of this announcement on behalf of the Company is ISCA
Administration Services Limited, the Company Secretary.