Statement re Results of Scheme

RNS Number : 3274D

Standard Life UK Small.Co's Tst PLC

08 October 2018

 

8 October 2018

Standard Life UK Smaller Companies Trust plc

(Legal Entity Identifier: 213800UUKA68SHSJBE37)

Results of Scheme

Further to the shareholder circular dated 4 September 2018 (the "Circular") relating to the issue of new Ordinary Shares of 25 pence each in the capital of the Company (the "New Shares") in connection with the reconstruction of Dunedin Smaller Companies Investment Trust PLC ("Dunedin") (the "Scheme") the Board of Standard Life UK Smaller Companies Trust plc ("SLS" or the "Company") is pleased to announce that the Company will acquire approximately £147.4 million of net assets from Dunedin under the terms of the Scheme in consideration for the issue of 27,878,842 New Shares. The number of New Shares to be issued was calculated based on a FAV per Dunedin Share of 308.02 pence and a FAV per SLS Ordinary Share of 528.74 pence, producing a conversion ratio of approximately 0.582547, each calculated in accordance with the Scheme.

As set out in the Circular, New Shares which would otherwise be issued to an Overseas Shareholder pursuant to the Scheme will instead be issued to the Liquidators as nominees on behalf of such Overseas Shareholder who will arrange for such shares to be sold promptly by a market maker. The proceeds of such sales will be paid to relevant Overseas Shareholders entitled to them within ten Business Days of the date of sale.

Applications have been made for the New Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 10 October 2018.

Following the issue of the New Shares noted above, the Company's share capital will consist of 101,176,317 Ordinary Shares (excluding treasury shares) with each Ordinary Share holding one voting right.  As at 8 October 2018, there are 2,988,105 Ordinary Shares held in treasury.

The figure of 101,176,317 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in voting rights, or a change to their interest in the Company, under the Disclosure, Guidance and Transparency Rules.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular unless the context otherwise requires.

Enquiries

Standard Life UK Smaller Companies Trust plc	Allister Langlands	T: 0141 206 0124
Winterflood Securities	Joe Winkley Neil Morgan	T: 020 3100 0000
Aberdeen Standard Investments	Evan Bruce-Gardyne	T: 0131 245 0571

 

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