Admission, Director Dealings & Total Voting Rights
26/07/2023 07:00
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RNS Number : 1749H Investment Company PLC 26 July 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES AND
POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA
(COLLECTIVELY, THE "UNITED STATES"), AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR
DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR
CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN THE
INVESTMENT COMPANY PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS
ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE
RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF THE
INVESTMENT COMPANY PLC.
26 July 2023
The Investment Company plc
("The Investment Company" or the "Company")
Admission, Director Dealings and Total Voting Rights
The Investment Company is pleased to confirm, inter alia, the Completion of
the Tender Offer, Admission of new Ordinary Shares, the appointment of
Chelverton Asset Management Limited ("Chelverton") as the Company's investment
manager, amendment to the Company's investment objective and policy, amendment
to the Company's articles of association and the appointment of David Horner
as a Director of the Company.
Ian Dighé, Chairman of The Investment Company, said:
"Whilst we start the Company's next chapter as a modest sized investment
trust, the Company's assets are now to be managed by an award-winning asset
manager in Chelverton, with a strong track record of creating value for its
investors, whilst increasing investment funds' size. I would like to welcome
David Horner, the Managing Director and founder of Chelverton, to the board
and I look forward to working with him and his colleagues as we look to
maximise capital growth over the long term by investing in high quality small
and mid-cap companies.
"I would also like to take this opportunity to thank Michael Weeks for his
significant contribution to the Company over the past three years and to wish
him well for the future."
David Horner, Managing Director of Chelverton and non-executive Director of
The Investment Company, said:
"I am delighted that Chelverton has been appointed as the investment manager
of The Investment Company and to be joining the board. The Investment
Company is complementary to the other funds we manage and we will continue to
focus on our specialism in UK small and mid-cap companies where we believe
there is long-term value.
"Smaller companies in the long-term have outperformed the Main Market on a
total return basis. When this out-performance is compounded, the investment
case becomes even more compelling. We have a very experienced team and an
investment approach which we believe allows us to identify under-priced assets
and take advantage of these dynamics. The UK equities market continues to
trade at a significant discount to broader global equities and, despite the
continuing inflationary concerns, we believe it offers many attractive
investment opportunities that will provide long-term capital appreciation for
the shareholders of The Investment Company."
Admission and Total Voting Rights
Further to its announcement on 19 July 2023, the Company confirms that 812,829
new Ordinary Shares will be admitted to the premium listing segment of the
Official List and to trading on the Main Market of the London Stock Exchange
at 8.00 a.m. today.
Following Admission, and completion of the Tender Offer, the Company's total
issued share capital will comprise of 5,584,878 Ordinary Shares. The Company
will hold all 3,747,673 Ordinary Shares that were repurchased pursuant to the
Tender Offer in treasury. Therefore, the total number of shares with voting
rights in the Company will be 1,837,205.
The above figure of 1,837,205 may be used by Shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest, or a change to their interest in, the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Board Changes
As set out in the Prospectus, the Board also confirms that Michael Weeks has
resigned from the Board and that David Horner has been appointed as a
non-independent non-executive Director of the Company, effective immediately.
Further details concerning David's appointment, including information required
pursuant to LR 9.6.13R, are contained within Part 10 of the Prospectus.
Director Dealings
The Company confirms the subscriptions of certain Directors for ordinary
shares in the Issue as outlined in the announcement on 19 July 2023.
The notifications at the end of this announcement, made in accordance with of
the UK Market Abuse Regulation, provide further detail.
Any capitalised terms used but not otherwise defined in this announcement have
the meaning set out in the prospectus published by the Company on 9 June 2023
in connection with the Issue (the "Prospectus").
Enquiries
The Investment Company +44 (0) 20 3934 6630
Ian Dighé, Chairman
info@theinvestmentcompanyplc.co.uk
Singer Capital Markets - Corporate Broker +44 (0)20 7496 3000
James Moat / Alex Bond / James Fischer
ISCA Administration Services Limited +44 (0) 1392 487056
Company Secretary
LEI: 2138004PBWN5WM2XST62
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Ian Dighé
2. Martin Perrin
3. David Horner
2 Reason for the notification
a) Position/status 1. Chairman and Non-Executive Director
2. Non-Executive Director
3. Non-Executive Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name The Investment Company plc
b) LEI 2138004PBWN5WM2XST62
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 50 pence each
Identification code
ISIN: GB0004658257
b) Nature of the transaction Placing for cash
c) Price(s) and volume(s) Price(s) Volume(s)
1. 348.38 pence 7,176
2. 348.38 pence 10,046
3. 348.38 pence 28,704
d) Aggregated information N/A - single transaction
- Aggregated volume
- Price
e) Date of the transaction 26 July 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
26 July 2023
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Michael Weeks
2 Reason for the notification
a) Position/status Non-Executive Director (resigned with effect from 26 July 2023)
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name The Investment Company plc
b) LEI 2138004PBWN5WM2XST62
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 50 pence each
Identification code
ISIN: GB0004658257
b) Nature of the transaction Disposal pursuant to the Tender Offer
c) Price(s) and volume(s) Price(s) Volume(s)
337.76 pence 32,000
d) Aggregated information N/A - single transaction
- Aggregated volume
- Price
e) Date of the transaction 26 July 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
26 July 2023
f)
Place of the transaction
Outside a trading venue
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