MNL Manchester & London Investment Trust Plc

 
TIDMMNL 
 
MANCHESTER AND LONDON INVESTMENT TRUST PLC 
 
(the "Company" or "MLIT") 
 
13 January 2021 
 
Subscription and Total Voting Rights 
 
MLIT announces that M&M Investment Company Plc ("MMIC" "Related Party"), 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 today subscribed for 3,000,000 new ordinary shares of 25 pence each at 
613.8 pence per share, being the price equal to the latest reported Net Asset 
Value ("NAV") ("Subscription"). 
 
The consideration paid for the Subscription Shares equals £18.4 million.  The 
Subscription Shares will rank pari passu with the existing Ordinary Shares in 
issue. 
 
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.  The larger the fund gets the more liquid the trading in its shares 
become, the discount narrows and fixed costs are increasingly diluted across a 
wider asset base." 
 
This transaction is undertaken pursuant to the approval of the resolutions 
presented to shareholders at the General Meeting of the Company held on 07 
January 2021. 
 
Following the Subscription, Mark Sheppard, via MMIC, will be interested in a 
total of 22,447,707 ordinary shares of 25 pence each ("Ordinary Shares") in 
MLIT, representing 55.39% of the Company's issued share capital, as enlarged by 
the Subscription. 
 
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 19th January 2021 
. 
 
Following Admission, the total number of Ordinary Shares in issue with voting 
rights in the Company will be 40,528,238. 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                                  as above / 
ir@mlcapman.com 
 
LEI: 213800HMBZXULR2EEO10 
 
 
 
END 
 
 

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