REG - Down MicroCap InvTst - Dividend Declaration

Downing Strategic Micro-Cap Investment TrustAnnouncement

18/06/2024 13:15

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RNS Number : 9126S  Downing Strategic Micro-Cap IT PLC  18 June 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 Third Special Interim Dividend

Following the Company's portfolio update on 30 May 2024, it has been announced
that the offer for FireAngel, one of the Company's investee companies, has now
gone unconditional in all respects.  In accordance with the Board's stated
intention of returning cash to shareholders, this makes it practical to
declare a further special dividend. The Board today has therefore declared a
third special interim dividend of 17.5 pence per share, equivalent to, in
aggregate, £8.0 million (the "Third Special Interim Dividend").

The Third Special Interim Dividend will be paid on 18 July 2024 to
shareholders on the Company's register of members at close of business on 28
June 2024. The Company's shares will go ex-dividend on 27 June 2024.

The Third Special Interim Dividend will result in the Company having returned
approximately 90.2 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) through special dividends. The Board and Investment Manager expect
the remainder of the Company's portfolio to be realisable at least at carrying
value.

Following the payment of the Third Special Interim Dividend, the Company will
have net assets of less than £4.6 million. Accordingly, after careful
consideration, the Board believes it is in shareholders' best interests that
the Company proceed to enter into members' voluntary liquidation so as to
return the remainder of its assets to shareholders by the most efficient means
possible. The Board is in the process of exploring the possible options and
the timetable for such a liquidation and will update shareholders in due
course.

Hugh Aldous, Chairman of the Company, commented:

"Having pledged as a board, following shareholder approval, to carry out
members' wishes to wind down the company and return cash as expeditiously and
efficiently as we can, we are pleased to declare this Third Special Interim
Dividend of 17.5 pence per share. This will mean that we have paid and
declared for payment dividends of, in aggregate, 59.5 pence per share since
shareholders approved the managed wind-down of the Company, which is
approximately 90.2% of the Company's NAV as at 28 February 2024.  The
remaining assets should be realisable at their carrying values, or more in
current markets. The Investment Manager has done sterling work in meeting the
members' wishes."

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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