Notice of GM

RNS Number : 8271S

Allianz Technology Trust PLC

28 June 2018

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION WHICH THE SAME COULD BE UNLAWFUL.

This announcement does not constitute an offer to sell, or the solicitation of an offer to subscribe for, or to buy shares in any jurisdiction. This announcement is an advertisement and not a prospectus. 

Allianz Technology Trust PLC

LEI: 549300OMDPMJU23SSH75

28 June 2018

Publication of Circular

The Board has today published a circular (the "Circular") convening a general meeting (the "General Meeting") in connection with the proposals announced on 19 June 2018 (the "Proposals"). The Proposals comprise renewing the Board's general authority to issue shares on an ongoing basis, up to an additional 10 per cent. of the Company's issued share capital (the "Additional Authority"), together with seeking authority to issue up to 20 million shares in relation to a placing programme which, if approved, would also require the publication of a prospectus in due course (the "Placing Programme").

At the General Meeting, the Company will seek approval from its shareholders to allot and to disapply pre-emption rights in relation to the issue of ordinary shares of 25 pence each (the "Ordinary Shares") under the Additional Authority and the Placing Programme.

Benefits of the Proposals

The Directors believe that the Proposals may have the following benefits.

·    The size of the Company's asset base may be increased, potentially spreading its fixed costs over a larger capital base thereby reducing the ongoing charges ratio.

·    The liquidity of the Ordinary Shares on the secondary market may potentially improve to the benefit of all shareholders.

·    They will enable the Company to maintain its share issuance programme and assist in managing the premium to NAV at which the Ordinary Shares may trade.

If the Proposals are approved by shareholders, the Board will only use the authorities to disapply pre-emption rights and issue Ordinary Shares: (i) at a premium to NAV; (ii) to meet demand from investors; and (iii) when the Board believes that it is in the best interests of the Company and its existing shareholders to do so. As Ordinary Shares will only be issued under the Proposals at a premium to NAV the value of the underlying assets attributable to the Ordinary Shares will not be diluted as a result of the Proposals. For the avoidance of doubt, any authorities granted in relation to the Placing Programme (Resolutions 2 and 4 in the Notice of General Meeting) will only be used to issue Ordinary Shares under the Placing Programme.

Further details of, and reasons for, the Proposals are set out in the Circular which will be posted to shareholders on 29 June 2018.

The General Meeting

The Proposals are conditional on the approval of shareholders. The General Meeting is to be held at 2.00 p.m. on 23 July 2018 at the offices of Allianz Global Investors GmbH, UK Branch, 199 Bishopsgate, London EC2M 3TY.

Expected Timetable

	2018
Latest time and date for receipt of forms of direction	2.00 p.m. on 11 July
Latest time and date for receipt of forms of proxy	2.00 p.m. on 19 July
General Meeting	2.00 p.m. on 23 July
Publication of a prospectus and Placing Programme opens	September, subject to market conditions
Placing Programme closes	12 months from the publication date of the Placing Programme Prospectus

The Circular will shortly be available on the Company's website at https://www.allianztechnologytrust.com  and on the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM. The Circular will also be made available at the Company's registered office at 199 Bishopsgate, London EC2M 3TY.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular.

Enquiries:

Eleanor Emuss

Company Secretary

Tel: [phone]

Neil Morgan/Chris Mills

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

NOGFRMPTMBJTBRP