Circ re General Meeting

LEI:      213800T2PJTPVF1UGW53

From:   Capital Gearing Trust P.l.c.       

Date:    15 March 2019

Capital Gearing Trust P.l.c.

Publication of Circular and General Meeting

Since its approval at the annual general meeting in 2015, Capital Gearing Trust P.l.c. (the "Company") has successfully operated a discount and premium control policy. The Board remains committed to this policy which has been an important and constructive feature of the Company’s operation over the last four years, not least in stabilising the pricing in the secondary market and whilst demand is found, growing the Company’s capital base. In addition, the Company’s continuing ability to issue ordinary shares at a premium to net asset value increases liquidity, spreads the fixed costs of the Company over a larger asset base and reduces volatility by preventing the build up of excessive demand for ordinary shares.

In order to meet the continuing demand for the Company's ordinary shares resulting from the operation of this policy, the Board is seeking the renewal of its shareholder authorities to issue further ordinary shares on a non pre-emptive basis.  Accordingly, the Company has today published a circular convening a general meeting  to be held at 11.00 a.m. on 2 April 2019 at the offices of Dickson Minto W.S., 16 Charlotte Square, Edinburgh EH2 4DF (the "General Meeting").

At the General Meeting, two resolutions will be put to shareholders. An ordinary resolution, to give the Board authority to allot up to 775,258 ordinary shares which represents approximately 10 per cent. of the Company's current issued share capital as at 14 March 2019 (the last practicable date prior to the date of the notice convening the General Meeting) and a special resolution, to give the Board authority to disapply rights of pre-emption in respect of the issue of such shares.

The Board will only issue new shares at a premium to net asset value, to meet demand from investors and when the Board believes it is in the best interests of the Company and its shareholders to do so.

The circular will shortly be available for inspection on the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do.

All enquiries:

PATAC Limited

Company Secretary

Tel: [phone]

Email: [e-mail]