Pacific Horizon Investment Tst PLC Tender Offer (2864O)
February 05 2016 - 10:44AM
UK Regulatory
TIDMPHI
RNS Number : 2864O
Pacific Horizon Investment Tst PLC
05 February 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN
OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION
WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY
APPLICABLE LAW.
5 February 2016
PACIFIC HORIZON INVESTMENT TRUST PLC
Tender offer
At the Annual General Meeting held on 6 November 2015, Pacific
Horizon Investment Trust PLC (the "Company") obtained shareholder
approval to implement, at the Board's discretion, a bi-annual
tender offer for up to five per cent of the Company's shares in the
event that the discount at which the Company's shares trade
relative to the fair value cum-income net asset value per share
averaged more than nine per cent during the six month periods to 31
January and 31 July 2016.
Over the period between 1 August 2015 and 31 January 2016, the
Company's ordinary shares have traded at an average daily discount
of 10.3 per cent relative to their fair value cum-income net asset
value. Accordingly, the Board has decided to exercise its
discretion to implement a tender offer for up to five per cent. of
the Company's shares in respect of this six month period.
The record date for participation in the tender offer is 9
February 2016 (the "Record Date"). The proposed tender offer will
enable shareholders to tender all or part of their ordinary shares
for cash, subject to a maximum of five per cent of the Company's
shares. Under the terms of the tender offer, which will be made by
J.P. Morgan Cazenove, shareholders will be entitled to tender up to
their basic entitlement of five per cent of the shares they held as
at the Record Date (their "Basic Entitlement") and to tender
additional shares. However, any such excess tenders above the Basic
Entitlement will only be satisfied to the extent that other
shareholders tender less than their aggregate Basic Entitlement and
will be satisfied on a pro rata basis. Tender applications will be
rounded down to the nearest whole number of shares.
The tender price will be at a two per cent. discount to the fair
value cum-income net asset value per share (inclusive of
undistributed revenue reserves) on the calculation date, less the
direct costs and expenses of the tender offer (including stamp duty
and portfolio realisation costs). The tender offer calculation date
is expected to be close of business on 8 April 2016 and the results
of the tender offer and the tender price are expected to be
announced on or around 12 April 2016.
A circular containing further details of the tender offer and
the procedure for tendering shares is expected to be dispatched
with the Company's interim report on or around 9 March 2016.
Overseas Shareholders
The tender offer is not being made to shareholders who are
resident in, or citizens of, Australia, Canada, Japan, the Republic
of South Africa and the United States (the "Restricted
Jurisdictions"). Such shareholders are being excluded from the
tender offer to avoid breaching applicable local laws relating to
the implementation of the tender offer. Accordingly, copies of
documentation relating to the tender offer will not be and must not
be mailed or otherwise distributed in or into any of the Restricted
Jurisdictions.
All enquiries:
Baillie Gifford & Co Limited, Company Secretaries
Karen Havranek Tel: 0131 275 2000
J.P. Morgan Cazenove
William Simmonds Tel: 020 7742 4000
J.P. Morgan Securities plc, which conducts its UK investment
banking activities as J.P. Morgan Cazenove ("J.P. Morgan
Cazenove"), which is authorised and regulated by the Prudential
Regulation Authority and by the Financial Conduct Authority in the
United Kingdom, is acting exclusively for the Company and no-one
else in connection with the tender offer and the contents of this
announcement, and will not be responsible to anyone other than the
Company for providing the protections afforded to clients of J.P.
Morgan Cazenove nor for providing advice in connection with the
tender offer and the contents of this announcement or any other
matter referred to herein.
J.P. Morgan Cazenove is not responsible for the contents of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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