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

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