THE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION (IN WHOLE OR IN PART)
DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER
OFFER OR AN OFFER OF SECURITIES.
17 August 2020
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with
registration number 60440)
LEI 549300388LT7VTHCIT59
Statement
regarding M&G Investment Management Ltd
The Board of UK Mortgages Limited (the "Company" or “UKML”)
notes the announcement on Friday, August
14 by M&G Investment Management Ltd (“MAGIM”), stating
that, in accordance with Rule 2.8 of the City Code on Takeovers and
Mergers (the “Code”), it does not intend to make an offer for the
Company. Accordingly, MAGIM is now subject to the restrictions
under Rule 2.8 of the Code.
The Board continues to believe that MAGIM’s proposals
undervalued the Company and its future prospects. As the
Company is no longer in an offer period under the Code, the Board
will commence a review of future strategy as announced on
7 August 2020.
The Chairman, Chris Waldron comments:
“While the offer period has now ended the Board is very aware of
the feedback from shareholders received through the period. The
Board is committed to ensuring that the review of future strategy
provides shareholders with a strategy that delivers a clear pathway
to enhanced liquidity as well as a narrowing and removal of the
discount at which the shares trade versus the NAV.”
Enquiries:
UK Mortgages Limited
Christopher Waldron (Chairman)
020 7260
1000
Numis Securities Limited, Financial Adviser and Corporate
Broker
Hugh
Jonathan
020 7260 1000
Nathan Brown
Stuart Ord
Garfield Advisory, Public Relations Adviser
Andrew
Garfield
079 7498 2337
Jason
Nisse
077 6968 8618
Further information
This announcement is not intended to and does not constitute an
offer to buy or the solicitation of an offer to subscribe for or
sell or an invitation to purchase or subscribe for any securities
or the solicitation of any vote in any jurisdiction. The release,
publication or distribution of this announcement in whole or in
part, directly or indirectly, in, into or from certain
jurisdictions may be restricted by law and therefore persons in
such jurisdictions should inform themselves about and observe such
restrictions.
Numis Securities Limited (“Numis”), which is authorised and
regulated in the United Kingdom by
the Financial Conduct Authority, is acting exclusively for UK
Mortgages Limited and no one else in connection with the matters
set out in this announcement and will not regard any other person
as its client in relation to the matters in this announcement and
will not be responsible to anyone other than UK Mortgages Limited
for providing the protections afforded to clients of Numis, nor for
providing advice in relation to any matter referred to herein.
Forward looking statements
This announcement, oral statements and other information
published by UK Mortgages Limited may contain statements which are,
or may be deemed to be, “forward-looking statements”.
Forward-looking statements are prospective in nature and are not
based on historical facts, but rather on current expectations and
projections of the management of UK Mortgages Limited about future
events, and are therefore subject to risks and uncertainties which
could cause actual results to differ materially from the future
results expressed or implied by the forward-looking statements.
Often, but not always, forward-looking statements can be identified
by the use of forward-looking words such as “plans”, “expects” or
“does not expect”, “is expected”, “is subject to”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or statements that certain actions, events or results
“may”, “could”, “should”, “would”, “might” or “will” be taken,
occur or be achieved. Although UK Mortgages Limited believes that
the expectations reflected in such forward-looking statements are
reasonable, UK Mortgages Limited can give no assurance that such
expectations will prove to be correct. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Such
forward-looking statements should therefore be construed in the
light of such factors. Neither UK Mortgages Limited, nor any of its
associates or directors, officers or advisers, provides any
representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in
this announcement will actually occur. You are cautioned not to
place undue reliance on these forward-looking statements. Other
than in accordance with its legal or regulatory obligations
(including under the Disclosure Guidance and Transparency Rules of
the FCA), UK Mortgages Limited is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Publication on website and availability of hard copies
A copy of this announcement and the documents required to be
published by Rule 26 of the Code will be made available on UK
Mortgages Limited’s website at
www.twentyfouram.com/funds/uk-mortgages-fund/ by no later than 12
noon (London time) on the business
day following the date of this announcement. For the avoidance of
doubt, the contents of the website are not incorporated into and do
not form part of this announcement.
In accordance with Rule 30.3 of the Code, a person so entitled
may request a hard copy of this Announcement, free of charge, by
contacting Numis on +44 (0) 20 7260 1000. For persons who receive a
copy of this Announcement in electronic form or via a website
notification, a hard copy of this Announcement will not be sent
unless so requested. In accordance with Rule 30.3 of the Code, a
person so entitled may also request that all future documents,
announcements and information be sent to them in relation to the
Acquisition should be in hard copy form.
MAR
The information contained within this announcement is deemed by
UKML to constitute inside information as stipulated under the
Market Abuse Regulation. Upon the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.