REG-BlackRock Throg Tst: Result of Placing

Blackrock Throgmorton TrustAnnouncement

20/11/2020 12:30

BlackRock Throgmorton Trust PLC (the “Company”)

LEI: 5493003B7ETS1JEDPF59

Result of Placing

Further to the announcement on 17 November 2020, the Board of BlackRock
Throgmorton Trust PLC (the "Company") is pleased to announce that the Company
has raised £18.4 million, through an issue of 2,681,851 Ordinary Shares at a
price of 687.63 pence per share (the “Placing Price”). The Placing Price
represented a premium of 1.5% to the unaudited net asset value, including
current year income, per Ordinary Share as at close of business on 19 November
2020. This brings the total number of shares issued in the past twelve months
to 14,099,045 raising approximately £88.3m in new equity via the sale of
shares from Treasury or the issue of new shares.

Stifel Nicolaus Europe Limited acted as Sole Bookrunner in relation to the
Placing.

Admission

An application has been made in respect of the 2,681,851 new Ordinary Shares
to be issued pursuant to the Placing to be admitted to the premium segment of
the Official List and to trading on the London Stock Exchange's Main Market
for listed securities ("Admission"). It is expected that Admission will become
effective and dealings in the new Ordinary Shares will commence at 8.00 a.m.
(London time) on 24 November 2020. The new Ordinary Shares will, when issued
be credited as fully paid and will rank pari passu with the existing Ordinary
Shares .

Related party transaction

As part of the Placing, Brewin Dolphin Limited ("Brewin Dolphin") subscribed
for, on behalf of its clients,  756,209 new Ordinary Shares at the Placing
Price and on the terms and conditions of the Placing for a total consideration
of £5,199,920. The issue of Ordinary Shares to Brewin Dolphin, which is a
substantial shareholder of the Company under Chapter 11 of the Listing Rules,
amounts to a smaller related party transaction as defined in Listing Rule
11.1.10.

Total voting rights

The number of Ordinary Shares that the Company will have in issue following
the Placing is 87,339,371  (Ordinary Shares held in treasury: nil). With
effect from 24 November 2020 the total number of voting rights of the Company
will be 87,339,371. This figure 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, or a change to their interest in the Company, under
the Disclosure Guidance and Transparency Rules.

Future issuance

Following the Placing, the Company has remaining shareholder authority, as
granted at the last annual general meeting (“AGM”) of the Company, held on
25 March 2020, to issue up to 625,835 further Ordinary Shares on a non
pre-emptive basis, being approximately 0.7% of the Ordinary Shares that will
be in issue. The Company will shortly be issuing a circular to shareholders to
seek a renewed authority to issue up to 10% of the Ordinary Shares that will
be in issue on a non pre-emptive basis. The Board considers that it is in
Shareholders' interests that the Company has, at all times, the flexibility to
issue Ordinary Shares 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.

Contact details for queries:

BlackRock Investment Management (UK) Limited

Simon White
Kevin Mayger
Tel: 020 7743 1098

Stifel Nicolaus Europe Limited

Corporate:
Mark Bloomfield
Maarten Freeriks

Sales:
Phil Hopkins
Jonathan Crabtree
Hugh Middleton

Tel: 020 7710 7600 



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