Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND CONNECTED PERSONS

1.	Name of the issuer:
	Manchester & London Investment Trust plc
2.	State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance with LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006):
	Disclosure in accordance with (i) above
3.	Name of person discharging managerial responsibilities/director:
	Mark Sheppard (Investment Manager) M&M Investment Company Plc (Investment Holding Company)
4.	State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person:
	Notification re company named in 3
5.	Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest:
	Holding of the Investment Holding Company referred to in 3.
6.	Description of shares (including class), debentures or derivatives or financial instruments relating to shares:
	Ordinary shares of 25p each
7.	Name of registered shareholders(s) and, if more than one, the number of shares held by each of them:
	Pershing Nominees Ltd (MDCLT)
8.	State the nature of the transaction:
	Sale of shares by Investment Holding Company
9.	Number of shares, debentures or financial instruments relating to shares acquired:
	N/A
10.	Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage):
	N/A
11.	Number of shares, debentures or financial instruments relating to shares disposed:
	100,000
12.	Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage):
	0.46%
13.	Price per share or value of transaction:
	£2.84
14.	Date and place of transaction:
	26 July 2016, Manchester
15.	Total holding following notification and total percentage holding following notification (any  treasury shares of that class should not be taken into account when calculating percentage): 13,553,563 (62.94%) Ordinary shares of 25p each
16.	Date issuer informed of transaction:
	26 July 2016
17.	Date of grant:
	N/A
18.	Period during which or date on which it can be exercised:
	N/A
19.	Total amount paid (if any) for grant of the option:
	N/A
20.	Description of shares or debentures involved (class and number):
	N/A
21.	Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise:
	N/A
22.	Total number of shares or debentures over which options held following notification:
	N/A
23.	Name of contact and telephone for queries: James Poole, Capita Asset Services 0344 3911 926

Date:  27 July 2016