Result of C Share Issue

RNS Number : 2648P

Miton UK MicroCap Trust plc

16 February 2016

 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM OR TO PROFESSIONAL INVESTORS IN IRELAND)

FOR IMMEDIATE RELEASE

17 February 2016

Miton UK MicroCap Trust plc

Issue of equity

Miton UK MicroCap Trust plc (the "Company") announces that it has successfully raised gross proceeds of £28 million pursuant to the placing, offer for subscription and intermediaries offer (the "Issue") of C shares of £0.01 each (the "C Shares") as described in the prospectus published by the Company on 4 February 2016 (the "Prospectus"). The net proceeds of the Issue are expected to be approximately £27.4 million.

Applications have been received under the Issue for 56,000,000 C Shares which will be issued at a price of 50 pence per C Share (the "Issue Price"). Of these, 6,239,200 C Shares were issued under the offer for subscription and 3,564,300 C Shares were issued under the intermediaries offer and all applications were met in full.

Applications have been made for admission of the C Shares to the premium segment of the Official List of the UK Listing Authority and to trading on London Stock Exchange plc's main market for listed securities ("Admission"). Admission is expected to occur at 8.00 a.m. on 19 February 2016.

Commenting on the Issue, Miton fund manager, Gervais Williams, said:

"We believe we are at a multi-decade turning point where the advantages of the vibrancy of the smallest quoted stocks is yet to be recognised. With world growth stalling there is now increasing interest in a universe of companies that has greater potential to sustain ongoing growth, especially if they come with the prospect of attractive dividends in the coming three to five years.

"Against the backdrop of difficult market conditions, it is very encouraging to receive such a warm reception from investors."

The C Shares will trade under the ticker of MINC (ISIN: GB00BWFGQ200).

Peel Hunt is acting as sole Sponsor, Broker, Placing Agent and Intermediaries Offer Adviser to the Company.

Enquiries:

Miton UK MicroCap Trust plc

Gervais Williams Martin Turner David Barron

Tel: [phone]

Peel Hunt LLP

Luke Simpson (Corporate Broking)	Tel: [phone]
Mark Thompson, Eddie Nissen (Sales)
Kathy Boate (Intermediaries)

Four Broadgate - Financial PR

Roland Cross (07831 401309)

Anouchka Burton (07769 145124)

Disclaimer

This announcement does not constitute and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, or a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement or referred to in other written or oral form is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Peel Hunt or advice to any other person in relation to the matters contained herein.

The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended (the "US Investment Company Act") and investors will not be entitled to the benefit of the US Investment Company Act. The Shares may be offered and sold (i) outside the United States to non-US Persons (as defined in Regulation S) in reliance on Regulation S under the US Securities Act of 1933, as amended (the "US Securities Act") and (ii) to persons located inside the United States or US Persons reasonably believed to be "accredited investors" as defined in Rule 501(a) of Regulation D under the US Securities Act who are also "qualified purchasers" as defined in the US Investment Company Act.

The shares of the Company have not been, and will not be, registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom). Subject to certain exceptions, the shares of the Company may not be offered or sold in the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom) or to, or for the account or benefit of, any national, resident or citizen of the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than the United Kingdom). The Issue, and the distribution of this announcement, in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

 

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