REG - Down MicroCap InvTst - Dividend Declaration

Downing Strategic Micro-Cap Investment TrustAnnouncement

28/05/2024 07:15

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RNS Number : 0588Q  Downing Strategic Micro-Cap IT PLC  28 May 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release.

 

Downing Strategic Micro-Cap Investment Trust plc (the "Company")

LEI Number: 213800QMYPUW4POFFX69

Announcement of Second Special Interim Dividend

In accordance with the Board's stated intention of returning cash to
shareholders, in addition to the special interim dividend of 30 pence per
share paid by the Company on 26 April 2024, the Board today declares a second
special interim dividend of 12 pence per share, equivalent to, in aggregate,
£5.5 million (the "Second Special Interim Dividend").

The Second Special Interim Dividend will be paid on 21 June 2024 to
shareholders on the Company's register of members at close of business on 7
June 2024. The Company's shares will go ex-dividend on 6 June 2024.

The Second Special Interim Dividend will result in the Company having returned
approximately 64 per cent. of the Company's NAV as at 28 February 2024 (being
the date on which shareholders approved the managed wind-down of the Company)
to shareholders by 30 June 2024 through special dividends. The Board and
Investment Manager expect the remainder of the Company's portfolio to be
realisable at least at carrying value and the Board expects to announce a
third special dividend in July 2024.

Hugh Aldous, Chairman of the Company, commented:

"We have pledged as a Board to carry out the wishes of the shareholders to
wind up the Company and return cash as efficiently as we can. We are pleased
to announce that the efforts of our Manager to realise the value in the
portfolio are proceeding ahead of plan and we are therefore able to increase
the amount of dividend we were planning to distribute in June by 50 per cent.
to 12 pence per share. Together with the 30 pence per share dividend already
announced and paid out, this additional distribution of 12 pence per share (or
18 per cent. of the Company) will mean that by end of June the amount returned
to shareholders will be approximately £19.5m (being approximately 64 per cent
of the company's net assets as at 28 February 2024), which is more than we
estimated in our announcements made in December 2023 and February 2024"

 

For further information, please contact:

 Chairman
 Hugh Aldous  Tel: 020 7416 7780

 

 

 Dickson Minto Advisers LLP
 Douglas Armstrong           Tel: 020 7649 6823

 

 Media Contacts - Garfield Advisory
 Andrew Garfield                     Tel: 07974 982337
 Jason Nisse                         Tel: 07769 688618

The person responsible for arranging for the release of this announcement on
behalf of the Company is ISCA Administration Services Limited, the Company
Secretary.

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