Exercise of Subscription Shares reminder
STANDARD LIFE EQUITY INCOME TRUST PLC
REMINDER TO HOLDERS OF SUBSCRIPTION SHARES
Standard Life Equity Income Trust plc (the 'Company') reminds registered holders of subscription shares of
0.01p each in the capital of the Company (the 'Subscription Shares') that they are entitled to exercise their right to subscribe for one ordinary share of 25p each in the capital of the Company (the 'Ordinary Shares') for every Subscription Share held (the 'Subscription Share Rights') on 30 June 2014 (the 'Subscription Date'). The requisite conversion notice must be submitted no later than 16 June 2014.
Registered holders of Subscription Shares (the 'Subscription Shareholders') have the right to exercise their
Subscription Share Rights by subscribing in cash, on the last business day of June and December in any of the years 2012 to 2016, at the price of 320.00p per Ordinary Share payable in full on subscription.
This announcement is issued by way of a reminder only and is not to be read as a recommendation. Subscription Shareholders are not obliged to exercise their Subscription Share Rights and if they do not subscribe for Ordinary Shares on this occasion they will have further opportunities to do so on the last business day of June and December up to 2016. In December 2010, the Company issued Subscription Shares on the basis of one for every five shares held, to be exercised at 320p. The Ordinary share price is now higher than this, putting the Subscription Shares 'in the money'.
The middle market quotations of the Ordinary Shares and of the Subscription Shares as derived from the
London Stock Exchange's Daily List on the first dealing day in each of the six months before the date of this
announcement and on the latest practical date prior to the publication of this announcement, were:
|
Date |
Ordinary Shares (p) |
Subscription Shares (p)
|
|
2 December 2013 |
399.50 |
106.50 |
|
2 January 2014 |
414.50 |
106.00 |
|
3 February 2014 |
405.00 |
116.25 |
|
3 March 2014 |
421.75 |
123.00 |
|
1 April 2014 |
418.00 |
119.00 |
|
1 May 2014 |
418.38 |
110.75 |
|
16 May 2014 |
415.00 |
110.25 |
The net asset value of each Ordinary Share as at Friday 16 May 2014 was 402.14p (diluted excluding income). If you choose to exercise your Subscription Share Rights you will be entitled to receive any future dividend stream from the Ordinary Shares of the Company. The second quarterly interim dividend of 3.20p per share will be paid on 27 June 2014 to shareholders on the register on 6 June 2014. For the avoidance of doubt Subscription Shareholders who exercise their Subscription Share Rights will not be entitled to receive payment of this dividend.
By way of illustration and based on the market prices on 16 May 2014, a Subscription Shareholder would
receive one Ordinary Share which has a middle market value on 16 May 2014 of 415.00p in return for
consideration of 320.00p per Ordinary Share, and the surrender of one Subscription Share per Ordinary Share with a market price on 16 May 2014 of 110.25p.
The Ordinary Shares arising on the exercise of any Subscription Share Rights will rank pari passu in all respects and will form one class with the Ordinary Shares in issue on the Subscription Date save that they will not be entitled to the quarterly dividend payable on 27 June 2014.
Subscription Shares held in certified form
Subscription Shareholders who wish to exercise their Subscription Rights should complete the notice of subscription (the 'Notice of Subscription') which can be downloaded from http://uk.standardlifeinvestments.com/IT_Sub_Form/getLatest.pdf and send it, together with their subscription share certificate and a cheque made out in favour of Computershare Investor Services PLC A/C Standard Life Equity Income Trust plc and crossed 'A/C Payee only', to the Company's registrar: Computershare Investor Services PLC, Computershare Priority Application, Corporate Actions, Bristol BS99 6AJ (tel: 0870 707 1150, calls to this number are charged at 8p per minute from a BT landline, other telephone provider costs may vary), to arrive not later than 16 June 2014. Once lodged, the Notice of Subscription will be irrevocable, save with the consent of the Directors.
Share certificates in respect of the Ordinary Shares allotted pursuant to the exercise of the Subscription Share Rights will be despatched on or before 14 days after the Subscription Date and, pending their issue, transfers will be certified against the register of members of the Company (the 'Register'). A form of nomination, if required, should be requested from the Registrar. If Subscription Share Rights are exercised in part, certificates in respect of the balance of Subscription Shares will be forwarded on or before 28 days after the Subscription Date. If your certificate in relation to your Subscription Shares has been lost, defaced or destroyed, please write to the Registrar at the above address, advising them of such loss, and requesting them to send you a letter of indemnity for completion and return.
Subscription Shares held in CREST
Shareholders who hold their Subscription Shares in uncertified form and who wish to exercise their right to
subscribe for Ordinary Shares must send an Unmatched Stock Event Instruction ('USE Instruction') which, on settlement, will have the effect of crediting a stock account of the Registrar under the details specified below.
The USE instruction must be properly authenticated in accordance with CRESTCo's specifications and must contain the following details in addition to any other information required:
(a) the nominal amount of Subscription Shares to be exercised;
(b) the participant ID of the Subscription Shareholder;
(c) the member account ID of the Subscription Shareholder from which the Subscription Shares to be
exercised are to be debited;
(d) the Registrar's participant ID: This is 0RA54;
(e) the Registrar's member account ID: This is WARSEIT;
(f) the corporate action number, which will be allocated by CRESTCo and can be found by viewing the
relevant corporate action details on CREST;
(g) the corporate action ISIN: This is GB00B3NWXM64; and
(h) the intended settlement date: This will be not later than 2.00pm on 16 June 2014.
Further Information
Please note that by exercising your Subscription Share Rights you undertake to provide such information as may be required by the Registrar to comply with the provisions of the Money Laundering Regulations 2007. Failure to provide the relevant information within a reasonable period of time following a request for verification of identity may result in a delay in the despatch of the share certificate (or, if applicable, the entitlement in CREST), or in the rejection of the exercise instruction, in which event the monies payable on application will be returned without interest to the bank account (or account in CREST) from which the payment was received. Furthermore, Computershare Investor Services PLC will not be held liable for any costs, expenses or losses that may be incurred.
Application will be made to the UK Listing Authority and the London Stock Exchange for the Ordinary Share
allotted pursuant to the exercise of the Subscription Share Rights to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. It is expected that dealings in the Ordinary Shares arising on the exercise of the Subscription Share Rights will commence at 8.00 a.m. on 14 July 2014.
Taxation
Under existing tax legislation, the exercise of your Subscription Share Rights will not in itself constitute a
disposal for the purpose of tax on capital gains. The base cost of the Subscription Shares together with the
amount paid on subscription will form the base cost in computing the gain or loss on a subsequent disposal of the Ordinary Shares so acquired. A subsequent disposal of some or all of the holding of Ordinary Shares
resulting from the exercise of subscription rights may give rise to a liability to tax on any capital gain realised. For the purposes of calculating the base cost of the Subscription Shares, as set out in Part V of the Company's circular (also comprising a prospectus) to shareholders dated 19 November 2010, the market prices on admission for an Ordinary Share and a Subscription Share were 306.5p and 40.00p, respectively.
For and on behalf of Standard Life Equity Income Trust PLC
1 June 2014
This information is provided by RNS
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