MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the “Company” or “MLIT”)
13 January 2021
Subscription and Total Voting
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
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
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.
Manchester and London
0207 584 5733
M&L Capital Management
as above / email@example.com