Manchester & London Subscription and Total Voting Rights
January 08 2020 - 8:16AM
UK Regulatory
TIDMMNL
MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the "Company" or "MLIT")
08 January 2020
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&#
65533;?s Manager, and a controlling shareholder in the Company, has
today subscribed for 157,250 new ordinary shares of 25 pence each
("Subscription Shares") at 580.5 pence per share, being the price equal to the
latest reported Net Asset Value ("NAV") ("Subscription"). The consideration
paid for the Subscription equals GBP912,836.
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 19,028,717 ordinary shares of 25 pence each ("Ordinary Shares") in
MLIT, representing 58.35% 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 14th January 2020
.
Following Admission, the total number of Ordinary Shares in issue with voting
rights in the Company will be 32,610,738. 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
END
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