Result of Tender Offer

RNS Number : 5240V

Pacific Horizon Investment Tst PLC

28 October 2014

 

28 October 2014

PACIFIC HORIZON INVESTMENT TRUST PLC         

Results of tender offer

Further to the announcement by the Company on 8 August 2014 of a tender offer for up to 5 per cent. of the Company's shares in issue (the "Tender Offer"), details of which were contained in a circular sent to shareholder dated 29 September 2014 (the "Circular"), the Board announces that the Tender Offer was over-subscribed with 45.54 per cent. of the Company's issued share capital being validly tendered. As a result, the Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 3.24942 per cent. of the excess Shares tendered.

The fair value cum income net asset value per Share as at the Calculation Date was 197.46 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular is 190.0140 pence per Share.

A total of 3,506,307 Shares will be repurchased by the Company under the Tender Offer and cancelled. Following the implementation of the Tender Offer the Company will have 66,619,845 Shares in issue.

It is expected CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares on 30 October 2014 and that cheques and balancing certificates in respect of unsold certificated Shares will be dispatched during the week commencing 3 November 2014.

Terms used in this announcement shall, unless the context otherwise requires, have the same meaning given to them in the Circular.

All enquiries:

Baillie Gifford & Co Limited, Company Secretaries,

Karen Havranek              Tel: [phone]

J.P. Morgan Cazenove,

William Simmonds          Tel: [phone]

 

END

 

 

RTEDMMZGVRMGDZM