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 on 12 July 2024 , it is anticipated that the
next Redemption Point for shareholders will be 5 November 2024 , for those
shareholders who submit a valid redemption request by the deadline on 1 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 on 30 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 a Redemption 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 a Redemption
Pool can be expected to take some weeks or months, and the final capital sum may
not amount to the initial valuation of the Redemption 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 the Redemption 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 proposed Redemption 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 proposed Redemption 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 the United Kingdom will
be charged at the applicable international rate. The helpline is open between
9.00am to 5.30pm , Monday to Friday excluding public holidays in England and
Wales . Please note that Link 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 the November 2024 Redemption Point are outlined below:
1 October 2024 Latest date for receipt of redemption requests and
certificates for certificated shares
3.00 pm on Latest date and time for receipt of redemption requests and
settled TTE (Transfer to Escrow) instructions for
1 October 2024 uncertificated shares via CREST
5.00 pm on
Redemption 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
By 19 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 any Redemption
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 1500
Peel Hunt LLP Liz Yong / Huw Jeremy Tel: 020 7418 8900
