REG - Down MicroCap InvTst - Portfolio Update and intention to pay a dividend

Downing Strategic Micro-Cap Investment TrustAnnouncement

30/05/2024 17:15

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RNS Number : 5312Q  Downing Strategic Micro-Cap IT PLC  30 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.

 

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

LEI Number: 213800QMYPUW4POFFX69

Announcement of an agreed and approved bid for

FireAngel Safety Technology Group plc ("FireAngel")

 

 

Following the Company's announcement of its Second Special Interim Dividend on
28 May 2024, it has today been confirmed that the timetable in respect of the
recommended offer for FireAngel, one of DSM's investee companies, by
Intelligent Safety Electronics Pte. Ltd (the "Offer") has resumed, following
the approval of the conditions required by the Secretary of State.  The date
by which all conditions in respect of the Offer must either be satisfied or
waived is now 27 June 2024.

 

In accordance with the Board's stated intention of returning cash to
shareholders, the Company intends to return the value of its investment in
FireAngel to shareholders as soon as possible and expects to be able to do so
by way of a third special interim dividend of at least 7 pence per share,
equivalent to, in aggregate, £3.2 million (the "Third Special Interim
Dividend"). It is expected that the Third Special Interim Dividend would be
paid to shareholders by mid-late July 2024.

 

That would result in the Company having returned approximately 74 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.  Given current progress the
Board expects to announce a fourth special dividend in August 2024.

 

Other realisations of DSM's investments continue to progress well, and the
Board will continue to provide shareholders with updates as and when
appropriate.

 

Hugh Aldous, Chairman of the Company, commented:

"The sale of FireAngel further enhances our programme of returning capital to
shareholders, which has been proceeding efficiently and ahead of expectations.
We are delivering on our promise to shareholders, who overwhelmingly voted for
the wind-down of the Company.  Those who have remained invested are seeing
the reward."

 

 

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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