Additional Listing&EGM Result
Manchester & London Inv Tst PLC
11 August 2006
Manchester & London Investment Trust PLC
For immediate release
11 August 2006
The Board of Manchester & London Investment Trust PLC ('MLIT') announces the
result of the Placing and Offer for Subscription following the passing of the
resolutions at the Extraordinary General meeting today.
The fully diluted Net Asset Value per ordinary share at close of business on 9
August 2006 was 356.93p. The issue price of the New Ordinary Shares is
321.2338p per New Ordinary Share (being a discount of 10% to the Net Asset Value
at that date).
Up to 4,799,060 New Ordinary Shares were capable of being issued under the
Placing and Offer for Subscription of which a total of 3,468,658 New Ordinary
Shares have been allotted comprising: 601,587 New Ordinary Shares to applicants
under the Offer for Subscription and 2,867,071 New Ordinary Shares to other
investors.
Following the passing of the resolutions at the Extraordinary General Meeting
held earlier today, the Board of MLIT has allotted the New Ordinary Shares,
subject only to their admission to Listing and to trading on London Stock
Exchange plc's market for listed securities (which is expected to be effected by
the issue of a dealing notice on 14 August 2006). The allotment of 2,977,680
Ordinary Shares on conversion of 744,420 Preference Shares also becomes
effective on the issue of the dealing notice. Application has been made to the
UK Listing Authority and to London Stock Exchange plc to admit the ordinary
shares to be issued on conversion of the preference shares and the New Ordinary
Shares to be issued pursuant to the Placing and Offer for Subscription to
Listing and trading respectively.
The issue statistics are therefore as follows:
Issue price 321.2338p
Ordinary Shares prior to the conversion, Placing and Offer 7,500,000
Ordinary Shares issued on conversion of Preference Shares 2,977,680
---------
10,477,680
New Ordinary Shares issued pursuant to the Placing and Offer for 3,468,658
Subscription ---------
Total of Ordinary Shares and New Ordinary Shares 13,946,338
=========
Gross cash proceeds of the Placing and Offer for Subscription £11,142,500
Estimated net proceeds of the Placing and Offer £10,787,141
The Ordinary Shares (ISIN: GB0002258472) and the New Ordinary Shares (ISIN:
GB00B17N2C42) rank pari passu with each other in all respects, except that the
Ordinary Shares rank for the dividend payable in respect of the six months ended
31 July 2006 and the New Ordinary Shares do not.
Expected timetable 2006
Dealings in New Ordinary Shares commence 14 August
Settlement of Placing proceeds and CREST accounts credited
in respect of New Ordinary Shares issued in uncertified form 14 August
Certificates dispatched in respect
of New Ordinary Shares in certificated form by 21 August
The allotment of Ordinary Shares on conversion of 744,420 Preference Shares will
result in there being no Preference Shares in issue.
Manchester & Metropolitan Investment Limited, a company controlled by Brian
Sheppard (a director of MLIT who also holds 4,430 Ordinary Shares) and his son,
Mark Sheppard holds all the issued Preference Shares. Following the conversion
of 744,420 Preference Shares and the issue of the New Ordinary Shares Manchester
& Metropolitan Investment Limited will hold 7,633,940 Ordinary Shares
representing 54.7% of the enlarged issued ordinary share capital. The other
directors' shareholdings will not change.
Enquiries
Manchester & London Investment Trust plc
Brian Sheppard - Director Tel: 0161 242 2899
Midas Investment Management Limited
Mark Sheppard - Director Tel: 0161 242 2895
Dawnay, Day Corporate Finance Limited - Sponsor
David Floyd - Director Tel: 020 7509 4570
Fairfax I.S. Limited - Broker
Paul Richards - Director Tel: 020 7460 4371
Dawnay, Day Corporate Finance Limited ('Dawnay Day'), which is authorised and
regulated in the United Kingdom by the Financial Services Authority, is acting
solely for Manchester & London Investment Trust plc and for no one else in
connection with the Issue and will not be responsible to anyone other than
Manchester & London Investment plc for providing the protections afforded to
clients of Dawnay Day or for affording advice in relation to the Issue or any
matter referred to in this document.
Fairfax, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting solely for Manchester & London
Investment Trust plc and for no one else in connection with the Issue and will
not be responsible to anyone other than Manchester & London Investment plc for
providing the protections afforded to clients of Fairfax or for affording advice
in relation to the Issue or any matter referred to in this document.
This announcement does not constitute an offer or invitation to subscribe for
securities.
This information is provided by RNS
The company news service from the London Stock Exchange
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