Miton UK Microcap Trust Plc - Redemption of Ordinary Shares
LEI: 21380048Q8UABVMAG916
MITON UK MICROCAP TRUST PLC (the "Company") ANNUAL OPTION TO REDEEM ORDINARY SHARES YOU DO NOT HAVE TO TAKE ANY ACTION IF YOU WISH TO RETAIN YOUR SHARES Under the Company's Articles of Association, the Company operates an annual voluntary redemption facility through which shareholders may request the redemption of all or part of their holding of redeemable ordinary shares of 0.1p each ("Ordinary Shares") for cash, as described below. As set out in the Company's Annual Report, published on12 July 2024 , it is anticipated that the nextRedemption Point for shareholders will be5 November 2024 , for those shareholders who submit a valid redemption request by the deadline on1 October 2024 . The investment objective of the Company is to provide shareholders with capital growth over the long term. The Directors of the Company will be retaining their shares and they will not be redeeming any of their Ordinary Shares under the redemption facility this year. There is no requirement for shareholders to take any action should they wish to retain their Ordinary Shares. As at close of business on30 August 2024 , the Ordinary Share price was 49.00p and the net asset value (including current period revenue) was 54.00p per Ordinary Share, therefore the Ordinary Shares were trading at a 9% discount. A redemption of Ordinary Shares may be subject to income tax and/or capital gains tax. In particular, shareholders who sell their shares via the redemption mechanism could find they may be subject to income tax on the gains made on the redeemed shares rather than the more usual capital gains tax on the sale of their shares in the market. Individual circumstances do vary, however, so shareholders who are in any doubt about the redemption or the action required to be taken should consult their stockbroker, accountant, tax adviser or other independent financial adviser. Shareholders submitting valid requests for the redemption of Ordinary Shares will have their shares redeemed at the Redemption Price which is calculated on either of the following bases: I. The Directors may elect to divide each of the Company's portfolio holdings in proportion to the percentage of shareholders opting for redemption and set them aside in aRedemption Pool to be sold via the stock market. When complete, the realisation proceeds after deduction of costs would be distributed to shareholders pro rata. It should be noted that the liquidation of aRedemption Pool can be expected to take some weeks or months, and the final capital sum may not amount to the initial valuation of theRedemption Pool ; or II. If the percentage of Shareholders that opt for redemption of their shares is a modest proportion of the Company, the Directors can set a Redemption Price that is equal to the Net Asset Value per Ordinary Share (including current period revenue) (the "Dealing Value") prevailing on the last business day prior to theRedemption Point . The Directors may elect, at their absolute discretion, to calculate the Redemption Price on EITHER OF the bases set out above, or ALTERNATIVELY the Company may arrange for such shares to be sold in the market at the PREVAILING Dealing Value (subject to the Directors' discretion). The Directors are minded to approve all redemption requests unless there are exceptional reasons why this would be contrary to the interests of all shareholders. The Directors of the Company have full discretion over the operation of the redemption facility and the calculation of the Redemption Price. Certificated shareholders wishing to request the redemption of all or any of their Ordinary Shares at the proposedRedemption Point should deliver to the Company's Registrar a duly completed Redemption Form, together with their share certificate, in accordance with the timetable set out below. CREST shareholders wishing to request the redemption of all or any of their Ordinary Shares at the proposedRedemption Point should duly complete a TTE (Transfer to Escrow) instruction in accordance with the timetable set out below. Redemption Forms are available from the Company's website at https://www.mitonukmicrocaptrust.com/ or from the Company's Registrar,Link Group , on +44 (0) 371 664 0300 or by email at shareholderenquiries@linkgroup.co.uk. Calls are charged at the standard geographic rate and will vary by provider. Calls outside theUnited Kingdom will be charged at the applicable international rate. The helpline is open between9.00am to 5.30pm , Monday to Friday excluding public holidays inEngland andWales . Please note thatLink Group cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes. The relevant dates for theNovember 2024 Redemption Point are outlined below:1 October 2024 Latest date for receipt of redemption requests and certificates for certificated shares3.00 pm on Latest date and time for receipt of redemption requests and settled TTE (Transfer to Escrow) instructions for1 October 2024 uncertificated shares via CREST5.00 pm onRedemption Point 5 November 2024 Either the Company is to report the Redemption Price and dispatch the redemption monies on or before this date; Or, if the redemption is to be funded by way of a Redemption By19 November 2024 Pool, the Company is to report the number of shares being redeemed on or before this date. Notification of the Redemption Price and the dispatch of the redemption monies to take place as soon as practicable thereafter, although shareholders should note the liquidation of anyRedemption Pool may take some weeks or months.3 December 2024 Balance certificates to be sent to shareholders
The Board has determined that the
Other defined terms in this announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.
Enquiries:
Miton UK MicroCap Trust plc Gervais Williams /Martin Turner /Claire Long Tel: 020 3714 1500Peel Hunt LLP Liz Yong /Huw Jeremy Tel: 020 7418 8900