Scottish Investment Trust PLC Scheme Entitlements and Secured Bond Substitution (8125X)
August 31 2022 - 10:35AM
UK Regulatory
TIDMSCIN
RNS Number : 8125X
Scottish Investment Trust PLC
31 August 2022
31 August 2022
THE SCOTTISH INVESTMENT TRUST PLC (the "Company")
Scheme Entitlements and Secured Bond Substitution
Scheme Entitlements
Following the passing of the special resolutions put forward at
the Company's First General Meeting and Second General Meeting, the
Board of the Company is pleased to announce that as at the
Calculation Date and as calculated in accordance with the terms of
the Scheme as set out in the circular published by the Company
dated 5 August 2022 (the "Circular"):
-- the SIT FAV per Share is 9.283098 pence;
-- the JGGI FAV per Share is 4.586955 pence; and
-- the resultant conversion ratio is 2.023804 New JGGI Shares for each SIT Share.
Accordingly, each SIT Share will roll over into approximately
two New JGGI Shares.
Applications have been made by JPMorgan Global Growth &
Income plc for the New JGGI Shares to be admitted to the premium
segment of the Official List of the Financial Conduct Authority and
to trading on the main market for listed securities of the London
Stock Exchange (together, "Admission"). It is expected that
Admission will take place at 8.00am on 1 September 2022.
Substitution of SIT Bonds
In accordance with the terms of the Scheme, following the
passing of the special resolution at the General Meeting held
today, JGGI will be substituted as issuer and sole debtor of the
SIT Bonds (of which GBP82,827,000 in aggregate principal amount
remain outstanding), and will assume the rights and obligations of
the Company under the SIT Bonds and the Amended and Restated Trust
Deed (the "Substitution").
Following the Substitution, it is intended that the SIT Bonds
will remain listed and traded on the London Stock Exchange.
Terms used and not defined in this announcement have the
meanings given in the Circular unless the context otherwise
requires.
Enquiries:
Liquidators
Derek Neil Hyslop
Colin Peter Dempster T: +44 (0)131 777 2235
Richard Peter Barker
JPMorgan Funds Limited
Simon Crinage T: +44 (0)20 7742 4000
Fin Bodman
Investec Bank plc (Corporate Broker)
Tom Skinner (Corporate Broking) T: +44 (0)20 7597 4000
David Yovichic (Corporate Finance)
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END
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