REG-Miton UK Microcap Trust Plc: Update on the Future of the Company

Miton UK Microcap TrustAnnouncement

31/01/2025 07:15

31 January 2025

 

Miton UK MicroCap Trust PLC 

("MINI" or the "Company")

 

Update on the Future of the Company

 

On 18 November 2024, the Company announced that the board of directors (the
"Board") had concluded that it was in the best interests of shareholders of
the Company ("Shareholders") to put forward proposals for either a voluntary
winding-up of the Company or a scheme of reconstruction under section 110 of
the Insolvency Act 1986 and voluntary winding-up of the Company (the "Scheme")
through a rollover into one of Premier Miton's open-ended funds.

 

Having considered feedback from Shareholders and having reviewed the Company's
options, the Board is pleased to announce that it has agreed non-binding heads
of terms regarding the Scheme with Premier Miton. Shareholders will have the
option to roll over their investment into shares in the Premier Miton UK
Smaller Companies Fund, an FCA authorised open-ended investment company with
assets of approximately £45.3 million (which is expected to be the default
option), and/or receive a cash exit. This proposal follows shareholder
feedback in support of the investment manager and will allow Shareholders to
retain exposure to a small and micro cap strategy.

 

Ashe Windham, Chairman, commented:

 

"The Board retains a high degree of confidence in Gervais Williams and Martin
Turner's ability to manage UK small and micro cap stocks, but acknowledges
that the Company has been through a challenging period of performance with a
high level of redemption requests for the 2024 Redemption Point. With this in
mind, the Board is proposing the Scheme, which will provide Shareholders with
an opportunity to retain exposure to a proven and top-of-class small and micro
cap strategy with the same managers through the rollover option."

 

The City Code on Takeovers and Mergers is not expected to apply to the Scheme.

 

It is expected that the Scheme will take effect during the second quarter of
2025 and will be subject to Shareholder approval. A further announcement will
be made in due course.

 

For further information please contact:

 

Miton UK MicroCap Trust PLC

Ashe Windham, Chairman    Email: mitonukmicrocap@ntrs.com

 

Premier Miton Investors (Investment Manager)

Gervais Williams, Martin Turner, Claire Long      
             Tel: 020 3714 1500

 

Peel Hunt LLP (Broker)

Liz Yong, Huw Jeremy                           
                           Tel: 020 7418 8900

 

Legal Entity Identifier: 21380048Q8UABVMAG916

 

 

 



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