Results of the Scheme, Issue of New Shares and Change of Company Name and Ticker Code
09/10/2024 13:05
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9 October 2024
ALLIANCE WITAN PLC
Results of the Scheme
New Shares to be issued and commence trading
Change of Name to Alliance Witan PLC
Change of Ticker Code to ALW
Results of Scheme
In connection with the combination of the assets of the Company with the
assets of Witan Investment Trust PLC ("WTAN") which was approved by WTAN
Shareholders earlier today, the Board of Alliance Witan PLC (the "Company" or
"ATST") is pleased to announce that the Company will acquire approximately
£1,539 million of net assets from WTAN in consideration for the issue of
120,949,382 New Shares to WTAN Shareholders in accordance with the Scheme.
The number of New Shares to be issued was calculated based on an ATST FAV per
Share of 1274.592460 pence and a WTAN FAV per Share of 286.293752 pence,
producing a conversion ratio of approximately 0.224615 of a New Share for
every WTAN Share rolling over, each calculated in accordance with the Scheme.
As set out in the shareholder circular published by the Company on 12
September 2024 (the "Circular"), fractions of New Shares arising as a result
of the conversion ratio will not be issued under the Scheme and entitlements
to such New Shares will be rounded down to the nearest whole number.
Issue of New Shares
Applications have been made for the 120,949,382 New Shares to be admitted to
listing on the closed-ended investment funds category of the Official List of
the Financial Conduct Authority and to trading on the main market for listed
securities of the London Stock Exchange (together, "Admission"). It is
expected that Admission will take place at 8.00am on 10 October 2024.
Following the issue of the New Shares noted above, the Company's share capital
will consist of 401,816,982 Ordinary Shares (excluding treasury shares), with
each Ordinary Share holding one voting right, and an additional 3,377,000
Ordinary Shares held in treasury.
The figure of 401,816,982 Ordinary Shares may be used by Shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in voting rights, or a change to their
interest in the Company, under the Disclosure Guidance and Transparency Rules.
Change of Name and Ticker Code
As noted in the Circular, as part of the Scheme Proposals the name of the
Company is being changed from ‘Alliance Trust PLC’ to ‘Alliance Witan
PLC’ and the Company’s ticker code from ATST to ALW. The change of name
has now taken effect following receipt of the requisite confirmation from the
Registrar of Companies earlier today; while the change of ticker code will
take effect from tomorrow morning when trading in the New Shares commences.
Capitalised terms used but not defined in this announcement will have the same
meaning as set out in the Circular.
Enquiries
Alliance Witan PLC Dean Buckley Via Investec or Juniper Partners
Juniper Partners Limited (Company Secretary) +44 (0)131 378 0500
Investec Bank plc (Lead Financial Adviser, Sole Sponsor and Corporate Broker) David Yovichic Denis Flanagan +44 (0)20 7597 4000
Dickson Minto (Joint Financial Adviser) Douglas Armstrong +44 (0)20 7649 6823
LEI: 213800SZZD4E2IOZ9W55
Important Information
This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America. This announcement is not
an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States