Annual Option To Redeem Ordinary Shares

RNS Number : 5711Y

Miton UK MicroCap Trust plc

09 May 2019

 

MITON UK MICROCAP TRUST PLC (the "Company")
ANNUAL OPTION TO REDEEM ORDINARY SHARES YOU DO NOT HAVE TO TAKE ANY ACTION IF YOU WISH TO RETAIN YOUR SHARES
Under the Company's Articles of Association, the Company operates an annual voluntary redemption facility through which shareholders may request the redemption of all or part of their holding of redeemable ordinary shares of 0.1p each ("ordinary shares") for cash. Historically this has taken place on the last business day in April. The Company confirmed at the time of the release of its Half Year Report for the half year to 31 October 2018 that the Board had decided that, this year, due to the uncertainties around Brexit, the redemption point will be pushed back from 30 April 2019 to 28 June 2019.
There is no requirement for shareholders to take any action should they wish to retain their ordinary shares. As at close of business on 8 May 2019, the ordinary share price was 54.50p, and the net asset value (including current period revenue) was 56.04p per ordinary share, so the ordinary shares were trading at a 2.75% discount.
A redemption of ordinary shares may be subject to income tax and/or capital gains tax. In particular, private shareholders who sell their shares via the redemption mechanism could find they may be subject to income tax on the gains made on the redeemed shares rather than the more usual capital gains tax on the sale of their shares in the market. Individual circumstances do vary, however, so shareholders who are in any doubt about the redemption or the action required to be taken should consult their stockbroker, accountant, tax adviser or other independent financial adviser. The investment objective of the Company is to provide shareholders with capital growth over the long term. The Directors of the Company will be retaining their shares and not redeeming any of their ordinary shares under the redemption facility this year.
Shareholders submitting valid requests for the redemption of ordinary shares will have their shares redeemed at the Redemption Price or the Company may arrange for such shares to be sold in the market at the Net Asset Value (including current period revenue) prevailing at the end of June (subject to the Directors' discretion). The Directors are minded to approve all requests unless there are exceptional reasons why this would be contrary to the interests of shareholders.
Shareholders wishing to request the redemption of all or any of their ordinary shares at the proposed Redemption Point should deliver to the Company's Registrar a duly completed Redemption Request form together with their share certificate (in respect of shares held in certificated form) or TTE instruction (in respect of shares held in uncertificated form) in accordance with the timetable set out below. Redemption Request forms are available from the Company's Registrar, Link Asset Services, on 0871 664 0300 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am - 5.30 pm, Monday to Friday excluding public holidays in England and Wales.  Please note that Link Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes) or by email at [e-mail].
The relevant dates for the June 2019 Redemption Point are outlined below:
31 May 2019	Latest date for receipt of Redemption Requests and certificates for certificated shares
3.00 pm on 31 May 2019	Latest date and time for receipt of Redemption Requests and TTE (Transfer to Escrow) instructions for uncertificated shares via CREST
5.00 pm on 28 June 2019	Redemption Point
By 12 July 2019	Company to notify Redemption Price and dispatch redemption monies; or                                                                                                 If the redemption is to be funded by way of a Redemption Pool, Company to notify the number of shares being redeemed. Notification of Redemption Price and dispatch of redemption monies to take place as soon as practicable thereafter
By 26 July 2019	Balance certificates to be sent to shareholders
Further details of the redemption facility are set out in the Company's Articles of Association, and are also available from the Company Secretary.
The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price.
Defined terms in this announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.
9 May 2019

LEI:  21380048Q8UABVMAG916

 

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