Miton UK Microcap Trust Plc - Redemption of Ordinary Shares - Interim Distribution
PR Newswire
LONDON, United Kingdom, January 24
Miton UK MicroCap Trust plc
LEI: 21380048Q8UABVMAG916
MITON UK MICROCAP TRUST PLC (the "Company")
REDEMPTION OF ORDINARY SHARES - INTERIM DISTRIBUTION
The Company has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares of 0.1 pence each ("Ordinary Shares") on an annual basis (the "Redemption Facility"). The operation of the Redemption Facility is entirely at the discretion of the Board of Directors of the Company (the "Board"). The deadline for the submission of redemption requests for the 5 November 2024 Redemption Point was 1 October 2024 (the "November 2024 Redemption").
The Board resolved to effect the Redemption using the Redemption Pool method set out in the Company's Articles, pursuant to which the Company divided its assets and liabilities into two pools, the Redemption Pool and the Continuing Pool.
The realisation of the Redemption Pool has progressed well and is nearly complete, with only two small positions remaining, which are currently suspended and which may take time to realise, with no certainty on the amounts to be realised. As such, the Directors have resolved to make an interim distribution in respect of the Ordinary Shares redeemed in the November 2024 Redemption (the "Interim Distribution"). The Interim Distribution per redeemed Ordinary Share equals the aggregate cash received to date by the Company upon the realisation of the Redemption Pool, after deducting the costs of the November 2024 Redemption, and a pro-rata share of the costs and expenses, to date, of the Company not attributable to a particular pool, divided by the number of Redemption Shares.
On that basis, the Board confirms that the Interim Distribution for the 5 November 2024 Redemption Point is 48.43 pence per redeemed Ordinary Share including dividends and bank interest received. Payments will be despatched to the former shareholders of the Company whose shares were redeemed in the November 2024 Redemption on or around 4 February 2025.
The Company will provide a further update regarding the final distribution in due course.
Defined terms in the announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.
Enquiries:
Miton UK MicroCap Trust plc |
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|
Gervais Williams, Martin Turner, Claire Long
| Tel: 020 3714 1500 |
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Peel Hunt LLP (Broker) | ||
Liz Yong, Huw Jeremy | Tel: 020 7418 8900 | |
