REG-BlackRock Throg Tst: Publication of Circular

Blackrock Throgmorton TrustAnnouncement

03/02/2020 07:05

BLACKROCK THROGMORTON TRUST PLC (the “Company”)
LEI: 5493003B7ETS1JEDPF59

Publication of Circular

In order to meet the continuing demand for ordinary shares in BlackRock
Throgmorton Trust plc ("Ordinary Shares"), the Board of Directors of the
Company is seeking additional authority to issue Ordinary Shares and/or sell
Ordinary Shares from treasury on a non-pre-emptive basis. 

Since 15 November 2019, the Company has been selling Ordinary Shares out of
Treasury from time to time. To date, BlackRock Throgmorton Trust has sold
5,453,615 of the 7,400,000 Ordinary Shares held in Treasury as at that date.
Under the authorities granted at the 2019 AGM, the Company has authority to
disapply pre-emption rights for the issuance and/or sale from treasury of up
to 7,313,020 Ordinary Shares.

While the Directors propose to obtain replacement share issuance authorities
at the Company's upcoming annual general meeting to be held on 25 March 2020
(the "2020 AGM"), at the current going-rate of issuance they expect to exhaust
their existing authority to issue/sell shares non-pre-emptively in February
2020, around one month in advance of this. This would leave the Company unable
to issue Ordinary Shares or sell Ordinary Shares from treasury
non-pre-emptively during this one-month period.

The Directors consider that it is in Shareholders' interests that the Company
has, at all times, the flexibility to issue Ordinary Shares and/or sell
Ordinary Shares from treasury in order to ensure that it can manage the
premium to NAV at which its Ordinary Shares may trade, in line with its
discount/premium control policy.

The Directors are accordingly convening a General Meeting to be held at the
offices of BlackRock Investment Management (UK) Limited at 12 Throgmorton
Avenue, London EC2N 2DL on 27 February 2020 at 11.00 a.m., at which a
resolution will be put to Shareholders to disapply statutory pre-emption
rights in connection with the allotment and/or sale from treasury of Ordinary
Shares up to an aggregate nominal amount of £365,651 (representing 7,313,020
Ordinary Shares) (the "New Authority"), such authority to expire at the
conclusion of the 2020 AGM to be held in March.

Any Ordinary Shares issued or sold from treasury pursuant to the New Authority
will be issued or sold at a premium to the prevailing Net Asset Value per
Ordinary Share (cum-income) at the time of issue/sale intended to exceed the
costs and expenses of the relevant issue/sale including any placing
commissions. Any use of the New Authority is therefore expected to be
accretive to the Net Asset Value per Ordinary Share.

The Company has today published and posted to Shareholders a notice of general
meeting and related explanatory circular (the "Circular") to convene the
General Meeting.

A copy of the Circular has been submitted to the Financial Conduct Authority
and will be available for inspection at the National Storage Mechanism which
is located at www.morningstar.co.uk/uk/nsm.  

The Circular will also shortly be available on the Company's website at:
www.blackrock.com/uk/thrg/gm-circular

Enquiries:

Simon White/Kevin Mayger

BlackRock Investment Management (UK) Limited

Tel: 020 7743 3000

Mark Bloomfield

Maarten Freeriks

Stifel Nicolaus Europe Limited

Tel: 020 7 710 7600



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