REG - City of London IT - Delisting from the New Zealand Stock Exchange

City Of London Investment TrustAnnouncement

16/02/2024 08:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240216:nRSP4338Da&default-theme=true

RNS Number : 4338D  City of London Investment Trust PLC  16 February 2024

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

THE CITY OF LONDON INVESTMENT TRUST PLC

LEGAL ENTITY IDENTIFIER: 213800F3NOTF47H6AO55

16 February 2024

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Delisting from the New Zealand Stock Exchange

 

The Board of The City of London Investment Trust plc (NZ ticker: TCL)
announces that it intends that the Company's ordinary shares be delisted from
the NZX Main Board operated by NZX Limited with effect from 21 March 2024 (NZ
time).

 

Set out on the next page is a sample form of the letter to be sent on 19
February 2024 to shareholders registered on the New Zealand branch register.

 

 

For further information please contact:

 

 Sir Laurie Magnus

 Chairman

 The City of London Investment Trust plc

 Telephone: 020 7818 2550

 Job Curtis

 Fund Manager

 The City of London Investment Trust plc

 Telephone: 020 7818 4367

 Dan Howe

 Head of Investment Trusts

 Janus Henderson Investors

 Telephone: 020 7818 4458

 Harriet Hall

 Investment Trusts PR Director

 Janus Henderson Investors

 Telephone: 020 7818 2919

 

 

Letter to shareholders on the NZ branch register giving notice of delisting of
The City of London Investment Trust from the NZX Main Board

 

 

The Company's ordinary shares currently have a primary listing on the London
Stock Exchange (LSE) and a secondary listing on the NZX Main Board operated by
NZX Limited (NZX). The Board of TCL has carried out a review of the secondary
listing, looking at the number of shares held on the New Zealand register and
the costs of maintaining the listing. Holdings of shareholders on the New
Zealand register now represent only 1.2% of the Company's total shares in
issue and trading in TCL shares on the NZX Main Board has been decreasing in
recent years, whilst the costs of maintaining the listing have been steadily
increasing.

 

The Board considers that the administrative and compliance burdens of
maintaining the secondary listing in New Zealand have become disproportionate
to the benefits of maintaining that listing. Delisting from the NZX Main Board
would enable the Company to save on the ongoing listing fees, legal fees and
registry costs associated with maintaining its NZX listing.

 

The Board has therefore resolved to delist the shares from the NZX Main Board
with effect from 21 March 2024 (Delisting Date). There will be no costs to
you in relation to the proposed delisting arrangements.

 

Please carefully read the following sections which provide background and
detailed actions associated with this decision.

 

1.      What happens after delisting from the NZX Main Board?

 

1.1     TCL's shares will remain listed on the London Stock Exchange (LSE)
and its shares will continue to be quoted on the LSE.

 

1.2     The last day on which you will be able to trade your TCL shares on
the NZX Main Board is 19 March 2024.

 

1.3     On the Delisting Date, TCL's New Zealand share register,
maintained by Computershare Investor Services Ltd (Computershare NZ), will be
closed. If you hold TCL shares on the Delisting Date, all of your shares will
be automatically transferred to TCL's main United Kingdom register, maintained
by Computershare Investor Services PLC (Computershare UK). The number of
shares you hold will be unchanged following the transfer. Once TCL has
delisted from the NZX Main Board, you will receive a welcome letter from
Computershare UK, which will include a share certificate and details of your
new Shareholder Reference Number. Should you not receive that communication by
12 April 2024, you are advised to contact Computershare UK, details of which
are set out below.

 

1.4     After the Delisting Date, you will continue to hold legal title to
your shares and will be able to continue to receive corporate documentation
and notices (including copies of TCL's annual and half year financial reports,
notice of meetings and proxy voting forms), and be able to attend meetings and
vote directly. Proxy votes may be lodged online via the Computershare UK
website, www.investorcentre.co.uk. (http://www.investorcentre.co.uk.) As a
shareholder on the main register, you will be asked whether you wish to
receive corporate documentation and notices by post and a form will be
included in the welcome letter from Computershare UK for return. You may also
choose to be notified by email when documents become available on the
Company's website. If you have previously signed up for email communication
with Computershare NZ, this preference will remain in place following the
transfer to the main register. Please note that if you do not return the form
or it is incorrectly completed or you have not previously signed up for email
communication, you will receive notifications to your home address that
documents or information are available on the Company's website.

 

1.5     Currently, arrangements are in place for dividends to be paid
directly into your bank account in New Zealand dollars. Following the
delisting, dividends would ordinarily be paid in pounds sterling by cheque
sent to your registered address, however, we are aware that New Zealand banks
are no longer accepting foreign cheques. Computershare UK offers an
International Funds Transfer service whereby you can have dividends converted
into New Zealand dollars and paid directly into your New Zealand bank account.
If you wish to continue to receive dividends in NZ dollars, you will need to
sign up to this service, and details and how to apply will be sent to you
within the welcome letter. Alternatively, if you have a UK or sterling bank
account and provide the account details to Computershare UK, dividends will be
paid directly into your account in sterling.

 

Please note that if you do not take any action, your dividends will be paid by
sterling cheque.

 

1.6     While the Company does not believe that the delisting of the
Company's shares from the NZX Main Board should have any taxation implications
for shareholders, any person who is in doubt as to their tax position is
strongly recommended to consult their own professional tax adviser.

 

2.      What if I want to trade my TCL shares on LSE?

 

2.1     As mentioned above, the Company will remain listed on the LSE and
you can still trade your shares by contacting any New Zealand stockbroker who
can facilitate trading through the LSE, or by dealing through a UK stockbroker
(fees may apply). Any fees charged by a UK stockbroker for trading shares on
the LSE may be different to the fees payable when trading TCL shares on the
NZX. However, please note that no trading of TCL shares can take place between
20 March to 22 March 2024 (refer to table below). The costs of holding, or
transacting, shares in the UK through the main register and the London Stock
Exchange may differ from that in New Zealand (for example rates of brokerage).
Shareholders may wish to consult their own local broker for information on the
costs of transacting in the UK.

 

2.2     TCL's share price, trading information and regulatory
announcements can be found on the LSE's website under the security code "CTY"
and also on the Company's own website at www.cityinvestmenttrust.com.
(http://www.cityinvestmenttrust.com.)

 

2.3     If you wish to hold your shares in paperless form and/or hold your
shares through a custodial service, custody and/or administration fees may
apply. You will need to contact a stockbroker (whether in New Zealand or
elsewhere) who offers a custodial service, and they will be able to make the
necessary arrangements once you have received your new share certificate.
Holding shares through a custodial service will reduce the time that purchases
and sales will take to settle. The stockbroker will be able to advise you of
their charges. TCL's New Zealand broker, Jarden Securities, will also be happy
to provide assistance with questions relating to trading the Company's shares
on the LSE or custodial services (0800 800 968: contact Peter Irwin).

 

3.      What action do I need to take now?

 

3.1     You are not required to do anything in relation to the delisting
and transfer of your shares to the United Kingdom register.

 

3.2     Should you wish to transfer your NZX Main Board listed shares to
the LSE prior to the Delisting Date, you should be able to do so by contacting
your New Zealand stockbroker. There may be a small charge for this service.
Alternatively, you could contact Computershare NZ and request a Removal of
Securities form.

 

3.3     You should contact your stockbroker if you would like to discuss
the process for trading your shares in TCL after the Delisting Date. If you do
not have a relationship with a New Zealand stockbroker, you can visit the
directory of registered market participants on NZX's website:

 https://www.nzx.com/services/market-participants/find-a-participant.
(http://www.nzx.com/services/market-participants/find-a-participant)

 

3.4     We set out below our proposed timetable for the delisting process:

 

 Date (NZ time, except where indicated))            Proposed activity
 Friday, 16 February 2024 (UK time)                 NZX approved TCL's delisting on the NZX.

                                                    TCL released announcement of the delisting to the market.
 Tuesday, 19 March 2024                             Last day for trading TCL shares on the NZX. Shares will cease to be quoted on
                                                    the NZX from market close and a trading halt will be in place.
 Thursday, 21 March 2024                            Delisting date. Listing of TCL with the NZX will formally cease at close of
                                                    business and shares will be transferred to the United Kingdom register.
 20 to 22 March 2024                                No trading of TCL shares on the New Zealand register can take place during
                                                    these days.
 Monday, 25 March 2024 (UK time)                    Shares will commence trading on the London Stock Exchange

 Week commencing 25 March 2024 onwards (UK time)    New UK share certificates will be mailed to New Zealand shareholders, at
                                                    shareholders' risk, within 14 days of cancellation of listing on the NZX.

                                                    Shareholder Reference Numbers will be on the share certificates.

 

4.      How to Contact Computershare

If you have any questions about the proposed delisting, please contact the
Company's registrar in any one of the following ways:

 

NZ Registrar - Computershare Investor Services Limited

 

 By phone: (+64) 9 488 8777

 By e-mail: enquiry@computershare.co.nz

 By post: Computershare Investor Services Limited, Private Bag 92119, Auckland
 1142, New Zealand

 

 

UK Registrar - Computershare Investor Services PLC

 

 By phone: +44 (0) 370 889 3296

 By e-mail: WebCorres@computershare.co.uk
 (mailto:WebCorres@computershare.co.uk)

 By post: Computershare Investor Services PLC, The Pavilions, Bridgwater Road,
 Bristol BS99 6ZZ, United Kingdom

 Website: www.investorcentre.co.uk (http://www.investorcentre.co.uk)

 

5.      How to Contact Jarden Securities

Alternatively, you can contact TCL's New Zealand Broker, Jarden Securities
Limited (Jarden) on 0800 800 968 or by email to: peter.irwin@jarden.co.nz
(mailto:peter.irwin@jarden.co.nz) (contact Peter Irwin).

 

Conclusion

We understand that some shareholders may be disappointed with this decision
after the long support the Company has had in New Zealand. We hope you
understand that the rationale has been driven by cost considerations. Thank
you for your support over many years and we hope you will continue your
investment in The City of London Investment Trust plc.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCQKABBFBKKPBD