MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the “Company” or “MLIT”)
4 December 2019
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 781,985 new ordinary shares of 25 pence each (“Subscription Shares”) at
547.1 pence per share, being the
price equal to the latest reported Net Asset Value (“NAV”)
(“Subscription”). The consideration paid for the Subscription
equals £4.278 million.
Brett Miller, Director of the
Company, said: “We are 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 larger the fund gets
the more liquid the trading in its shares become. Liquidity
is good.”
This transaction is undertaken pursuant to the approval of the
resolutions presented to shareholders at the General Meeting of the
Company held on 15 January 2019.
Following the Subscription, Mark
Sheppard, via MMIC, will be interested in a total of
17,526,467 ordinary shares of 25
pence each (“Ordinary Shares”) in MLIT, representing 56.62%
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 10th December 2019.
Following Admission, the total number of Ordinary Shares in
issue with voting rights in the Company will be 30,953,488. 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 Abuse Regulation 596/2014, prior
to its release.
For enquiries:
Manchester and London
Investment Trust
PLC
0207 584 5733
M&L Capital Management
Limited
0207 584 5733
LEI: 213800HMBZXULR2EEO10