Monks Investment Trust PLC Results of the Scheme and Issue of New Shares (7040F)
November 08 2022 - 6:47AM
UK Regulatory
TIDMMNKS TIDMIIT
RNS Number : 7040F
Monks Investment Trust PLC
08 November 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION
FOR WHICH THE SAME COULD BE UNLAWFUL .
This announcement is not an offer to sell, or a solicitation of
an offer to acquire, securities in the United States or in any
other jurisdiction in which the same would be unlawful. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
8 November 2022
THE MONKS INVESTMENT TRUST PLC
Legal Entity Identifier: 213800MRI1JTUKG5AF64
Proposed combination with The Independent Investment Trust
PLC
Results of the Scheme and Issue of New Shares
In connection with the combination of the assets of the Company
with the assets of The Independent Investment Trust PLC ("IIT")
which was approved by IIT Shareholders earlier today, the Board of
The Monks Investment Trust PLC (the "Company" or "MNKS") is pleased
to announce that the Company will acquire approximately GBP173
million of net assets from IIT in consideration for the issue of
16,717,601 New Shares to IIT Shareholders in accordance with the
Scheme.
The number of New Shares to be issued was calculated based on a
MNKS FAV per Share of 1,035.305776 pence and an IIT FAV per Share
of 454.237179 pence, producing a conversion ratio of approximately
0.438747 of a New Share for every IIT Share rolling over, each
calculated in accordance with the Scheme. As set out in the
shareholder circular published by the Company on 6 October 2022
(the "Circular"), fractions of New Shares arising as a result of
the conversion ratio will not be issued under the Scheme and
entitlements to such New Shares will be rounded down to the nearest
whole number.
Applications have been made for the New 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 9 November
2022.
Following the issue of the New Shares noted above, the Company's
share capital will consist of 234,566,666 Ordinary Shares
(excluding treasury shares), with each Ordinary Share holding one
voting right, and an additional 18,604,794 Ordinary Shares held in
treasury.
The figure of 234,566,666 Ordinary Shares may be used by
Shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in
voting rights, or a change to their interest in the Company, under
the Disclosure Guidance and Transparency Rules.
Capitalised terms used but not defined in this announcement will
have the same meaning as set out in the Circular.
Enquiries
The Monks Investment Trust plc
Karl Sternberg (Chairman) Contact via Investec
Investec Bank plc (Corporate Broker)
David Yovichic T: 020 7597 4000
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END
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