(the "Company" or "MLIT") 
Proposed Issue of Ordinary Shares, Related Party Transaction and Publication of 
The Proposals 
The Board of the Company announces that it has today published a circular (the 
"Circular") setting out the Board's proposals to seek Shareholder approval to 
grant authority to allot up to 2,275,000 New Ordinary Shares on a 
non-pre-emptive basis and to approve the Related Party Transaction and Smaller 
Related Party Transaction (the "Proposals"). 
The Proposals are subject to Shareholder approval and accordingly the Circular 
contains a notice convening a General Meeting of the Company to be held at 12a 
Princes Gate Mews, London SW7 2PS, United Kingdom on 16th July 2020 at 11.55 
a.m. at which the following resolutions will be put to Shareholders: 
  * authorise the allotment of up to 2,275,000 New Ordinary Shares 
    (representing 6.7 per cent. of the issued share capital (excluding treasury 
    shares) of the Company as at the date of this document) ("Resolution 1"); 
  * dis-apply statutory pre-emption rights otherwise applicable to the 
    allotment of New Ordinary Shares such that New Ordinary Shares do not first 
    have to be offered to Shareholders in proportion to their holdings of 
    Ordinary Shares ("Resolution 2"); and 
  * approve the issue of New Ordinary Shares to the Related Party by way of an 
    issue of up to 2,275,000 Shares and to retrospectively approve the issue of 
    1,250,000 Ordinary Shares to the Related Party on the 12th February 2020 (" 
    Resolution 3"). 
The background to, the reasons for and the Directors' recommendations for these 
Proposals are set out in the Circular which will shortly available for download 
from the national storage mechanism: www.morningstar.co.uk/uk/NSM and from the 
Company's website: http://mlcapman.com/manchester-london-investment-trust-plc/ 
Please note that as a result of the Covid-19 pandemic and the imposition of 
Stay at Home measures by the UK Government, physical attendance at the General 
Meeting will not be possible. In addition, and in accordance with the Company's 
Articles of Association, the Company will impose entry restrictions on 
attendance at the General Meeting.  Shareholders are strongly encouraged to 
vote in favour of the resolutions to be proposed at the General Meeting.  In 
light of Covid-19 and restrictions on attendance at the General Meeting, the 
Board encourages Shareholders to vote electronically and to appoint the 
Chairman of the meeting as their proxy with their voting instructions. 
Proposed Related Party Transaction 
M&M Investment Company Plc ("MMIC"), a company controlled by Mark Sheppard, the 
owner of M&L Capital Management Limited, the Company's Manager, and a 
controlling shareholder in the Company, has committed to subscribe for up to 
2,275,000 new ordinary shares of 25 pence each ("Shares") for cash at the time 
of the Issue at a price equal to the then prevailing Net Asset Value per Share 
("Subscription"), subject to a maximum subscription amount of GBP16m (the " 
Maximum Subscription Amount").  In the event, the Subscription were to exceed 
the Maximum Subscription Amount, the number of Shares to be issued to MMIC will 
be reduced such that the Subscription does not exceed the Maximum Subscription 
Amount. The Company may issue up to 2,275,000 Shares to other investors not 
connected to the Related Party pursuant to the Issue with any such issue of 
Shares to other investors reducing the number of Shares available to be issued 
to MMIC. 
This Subscription is deemed to be a related party transaction within the 
definition of the LR 11.1.5R and is subject to shareholder approval. 
The Board believes that the proposed Issue would bring the following benefits 
to the Company: 
  * increased scale which in turn increases the appeal of the Company to a 
    broader group of investors; 
  * increased liquidity in the Shares through a greater number of Shares in 
    issue (and potentially an increased free float); and 
  * an increase in assets of the Company over which its fixed costs can be 
    spread reducing the Company's ongoing charges ratio. 
Following the Subscription, assuming 2,275,000 Shares are issued to MMIC, the 
Mark Sheppard, via MMIC, will be interested in a total of 19,614,169 Shares in 
MLIT, representing 54.3% of the Company's issued share capital, as enlarged by 
the Subscription. The new Shares will rank pari passu with the existing Shares 
in issue. 
The Board is also seeking retrospective Shareholder approval at the General 
Meeting for the issue of 1,250,000 Shares to the Related Party on the 12 
February 2020.  As announced on the 12 February 2020, this transaction was 
deemed to be a smaller related party transaction within the definition of 
Listing Rule 11.1.10R which has been aggregated under LR 11.1.11R for the 
purposes of assessing the application of LR 11 to the Related Party 
Capitalised terms used in this announcement and not otherwise defined have the 
meanings given to them in the Circular. 
                              EXPECTED TIMETABLE 
Latest time and date for receipt of Forms of Proxy            11.55 a.m. on 14 July 
General Meeting                                               11.55 a.m. on 16 July 
The above times and/or dates may be subject to change and, in the event of such 
change, the revised times and/or dates will be notified to Shareholders by an 
announcement through a Regulatory Information Service. 
All references to times are to London times. 
M&L Capital Management Limited (AIFM): 
+44 (0) 207 584 5733 
Link Company Matters Limited - Company Secretary:                       +44 (0) 
1392 477500 
Winterflood Securities Limited (Sponsor): 
                                                 +44 (0) 20 3100 0000 

(END) Dow Jones Newswires

June 24, 2020 08:32 ET (12:32 GMT)