2024 Realisation Opportunity
For immediate release
21 August 2024
MIGO OPPORTUNITIES TRUST PLC
(the "Company")
2024 REALISATION OPPORTUNITY
The Company's articles of association contain provisions enabling shareholders to elect to realise all or part of their holdings at three yearly intervals, such provisions operating in tandem with the Company's share buyback policy which aims to restrict undue widening in the share price discount to NAV.
As noted in the Company's annual report dated 24 July 2024 (the "Annual Report"), the Company is making available the 2024 Realisation Opportunity on the terms set out in the Document (as defined below). The Election Period in respect of the 2024 Realisation Opportunity commences on 27 August 2024 and expires on 3 September 2024.
The 2024 Realisation Opportunity is being made available to Shareholders on the terms set out in this document on the Company's website: https://www.assetvalueinvestors.com/content/uploads/2024/07/MIGO-2024-Realisation-Opportunity-Document.pdf (the "Document").
Shareholders who wish to retain their current investment in the Company should not make an Election.
The price for each Ordinary Share which is validly elected to participate in the 2024 Realisation Opportunity will represent a 2% discount to the net asset value per Ordinary Share as at 2 September 2024.
The Directors do not intend to realise their Ordinary Shares and highlight that, Shareholders who realise their shareholding may be able to sell on the stock market at a higher price than is expected to be offered under the 2024 Realisation Opportunity.
For further details, please refer to the Document and the Additional notes section below.
Expected timetable
|
| 2024 |
| Commencement of Election Period | 27 August |
| Realisation NAV Calculation Date | 2 September |
| Expiry of Election Period and latest time and date for receipt of Election (whether via the return by post/hand of the Form of Election or via TTE Instruction in CREST from Shareholders) | 1.00 p.m. on 3 September |
| Record Date (for entitlement to participate in the 2024 Realisation Opportunity) | Close of business on 3 September |
| Announcement of results of Elections and announcement of the Realisation Price | 4 September |
| Cheque payments expected to be despatched and CREST payments expected to be made in respect of Elected Shares which have been placed or purchased and bought back | 11 September |
| Annual General Meeting | 18 September |
| If Realisation Shares are required to be created: |
|
| Reorganisation Date | 25 September |
| Announcement of 2024 Realisation Opportunity overall outcome | 25 September |
| Balance share certificates despatched by post | in the week commencing 30 September |
The times and dates set out in the expected timetable of events above and mentioned throughout the Annual Report and the Document may be adjusted by the Company, in which event details of the new times and dates will be announced through a Regulatory Information Service as promptly as practicable and in such cases, the times, dates and definitions mentioned in relation to the 2024 Realisation Opportunity herein shall be deemed to be adjusted accordingly.
All references to time in this document are to UK time.
Additional notes
In the event that a material number of Elections are made, and not all Elected Shares can be placed in the market or purchased by the Broker, acting as principal, and then bought back by the Company, unplaced/unpurchased Elected Shares may, subject to the "£30m NAV Threshold Condition" described in the Document and in accordance with the Document and the Articles, be re-designated as Realisation Shares with effect from 25 September 2024.
In the event that unplaced/unpurchased Elected Shares are-designated as Realisation Shares, application would be made to admit the Realisation Shares to trading on the London Stock Exchange but as this may involve, inter alia, the publication of a prospectus required to be approval by the FCA, it is expected that it will take up to 60 days (from the Reorganisation Date) for the Realisation Shares to be admitted to trading and during this period the Realisation Shares will not be tradable.
Capitalised terms used in this announcement have the meanings given to them in the Document.
For further information please contact:
Kerstin Rucht
Frostrow Capital LLP
Company Secretary
020 3709 8732
Nathan Brown / Matt Goss
Deutsche Numis
Corporate Broker
020 7260 1000
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