River & Mercantile UK Micro Cap Inv Compulsory Partial Redemption (5003M)
January 21 2021 - 8:25AM
UK Regulatory
TIDMRMMC
RNS Number : 5003M
River & Mercantile UK Micro Cap Inv
21 January 2021
21 January 2021
River and Mercantile UK Micro Cap Investment Company Limited
The information contained within this announcement constitutes
inside information.
Partial Compulsory Redemption
The Board of River and Mercantile UK Micro Cap Investment
Company Limited (the "Company") is pleased to announce its
intention to undertake a compulsory redemption (the "Redemption")
of its redeemable ordinary shares of no par value (the "Shares")
pursuant to the Company's redemption mechanism (the "Redemption
Mechanism"). The Redemption Mechanism is used periodically to
return capital to Shareholders so as to return the Company's net
asset value ("NAV") to around GBP100 million, in accordance with
the Company's stated policy in the original Prospectus. At this
level of NAV the Board believes the Company is best able to exploit
fully the underlying investment opportunity available in AIM listed
stocks.
Following a period of strong performance under the stewardship
of the Company's lead portfolio manager George Ensor, the Company's
NAV has grown to approximately GBP117 million. Accordingly,
approximately GBP15 million is to be returned to Shareholders
pursuant to the Redemption at a price based on the Company's NAV
per Share as at close of business on 15 January 2021. The Company's
NAV per Share as at 15 January 2021 was GBP2.5336 and, accordingly,
after deduction for expenses, the amount to be paid to Shareholders
for each redeemed Share is GBP2.5335 (the "Redemption Price"). It
is expected that payments of Redemption monies will be effected
either through CREST (in the case of Shares held in uncertificated
form) or by cheque (in the case of Shares held in certificated
form) by 5 February 2021.
The Redemption is being effected pro rata to holdings of Shares
on the register at the close of business on 29 January 2021 (the
"Redemption Date") pursuant to a general authorisation to redeem
shares held by all Shareholders in accordance with the redemption
mechanism in the Company's articles of incorporation. Approximately
12.75% of Shares in issue will be redeemed and cancelled.
Prior to the Redemption the Company has 46,445,043 Shares in
issue. All of the Shares redeemed on the Redemption Date will be
cancelled. No fractions of Shares will be redeemed and so the
number of Shares to be redeemed for each Shareholder will be
rounded down to the nearest whole number of Shares.
The Shares will be disabled in CREST after close of business on
the Redemption Date and the existing ISIN number - GG00BZ8VFG05
(the "Old ISIN") - will expire. The new ISIN in respect of the
remaining Shares which have not been redeemed - GG00BMVHP751 (the
"New ISIN") - will be enabled and available for transactions from
8.00 a.m. on 1 February 2021. Up to and including the Redemption
Date, Shares will be traded under the Old ISIN and as such, a
purchaser of such Shares would have a market claim for a proportion
of the redemption proceeds. CREST will automatically transfer any
open transactions as at the Redemption Date to the New ISIN.
Andrew Chapman, Chairman of River and Mercantile UK Micro Cap
Investment Company Limited, said: "The trust has performed
extremely strongly over the last several months. The portfolio
manager's steadfast focus on the strategy and belief in the growth
potential of the UK Micro Cap sector during this period has
delivered for our investors. This is the fourth time since the
Company's launch in December 2014 that we have been able to effect
a redemption at NAV to enhance the returns for our investors. This
is tangible evidence that we are continuing to deliver on our
promises and we look forward to continued strong performance."
Expected timetable:
Record date for the Redemption 29 January 2021
Redemption Date and expiry of Old ISIN 29 January 2021
New ISIN enabled 1 February 2021
Redemption monies paid by 5 February 2021
Unless otherwise defined, capitalised words and phrases in this
announcement shall have the meaning given to them in the Company's
prospectus dated 4 November 2014.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Jasper Cross of BNP
Paribas Securities Services S.C.A., Guernsey Branch, Company
Secretary.
Enquiries:
N+1 Singer
Robert Peel
+44 (0)20 7601 6262
Camarco
Rebecca Noonan
+44 (0)7900 340483
BNP Paribas Securities Services S.C.A., Guernsey Branch
Jasper Cross
+44 (0)1481 750850
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEADFFAAAFEFA
(END) Dow Jones Newswires
January 21, 2021 08:25 ET (13:25 GMT)
River Uk Micro Cap (LSE:RMMC)
Historical Stock Chart
From Jun 2024 to Jul 2024
River Uk Micro Cap (LSE:RMMC)
Historical Stock Chart
From Jul 2023 to Jul 2024