REG - Mobius Inv.Trust PLC - Voluntary Redemption of Ordinary Shares

Mobius Investment TrustAnnouncement

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RNS Number : 9015B  Mobius Investment Trust PLC  03 October 2025

MOBIUS INVESTMENT TRUST PLC (the "Company" or "MMIT")

LEGAL ENTITY IDENTIFIER ('LEI'): 21380033EKFQS15X1W22

3 October 2025

VOLUNTARY REDEMPTION OF ORDINARY SHARES

YOU DO NOT HAVE TO TAKE ANY ACTION IF YOU WISH TO RETAIN YOUR SHARES

In accordance with the Company's Articles of Association, the Company shall
operate a voluntary redemption facility on 1 December 2025 and every three
years thereafter through which shareholders may request the redemption of all
or part of their holding of redeemable ordinary shares of nominal value £0.01
each ("Ordinary Shares") for cash.

The Company's investment objective is to achieve long-term capital growth and
income returns predominantly through investment in a diversified portfolio of
companies exposed directly or indirectly to emerging or frontier markets.

None of the Directors of the Company nor any of the members of the Investment
Manager's team, holding a total of 1,332,074 shares, representing 1.2% of the
issued share capital, will be redeeming any shares under the redemption
facility.

There is no requirement for shareholders to take any action should they wish
to retain their Ordinary Shares.

SUMMARY OF PERFORMANCE

Since its launch on 1 October 2018 until 30 September 2025, Mobius Investment
Trust plc has delivered a net asset value ("NAV") total return of 58.6%,
outperforming the MSCI Emerging Markets Mid Cap NET total return Index in GBP
terms by 6.2 percentage points. As at 30 September 2025, the Ordinary Share
price and NAV per share (including current period revenue) were 144.5 pence
and 149.77 pence respectively, representing a discount of 3.5%, versus the
Association of Investment Companies' ("AIC") Global Emerging Markets peer
group 1  average discount of 7.0%. Since inception, the Company has traded at
an average discount of 4.5%. This compares to the average discount of 10.7%,
weighted by market capitalisation, of the AIC's Global Emerging Markets peer
group(1) over the same period.

The Board notes the benefit to shareholders of the Company's share price
trading close to NAV and monitors the position on a continuous basis. The
redemption facility is designed to assist in discount management while the
Board regularly reviews other options which can be deployed, such as share
buy-backs and enhanced dividends, in between redemption opportunities.

A distinguishing feature of MMIT's strategy is its focus on under-covered,
lesser-known businesses that usually require extensive proprietary research.
These companies, often overlooked by mainstream emerging market funds, should
provide differentiated access to structural growth opportunities beyond the
usual Emerging Market mega-caps. The portfolio is typically concentrated in
asset-light, low debt, innovative companies with good governance and
competitive advantages aligned to fast-growing trends.

The Investment Manager considers some of the most compelling opportunities to
be in Asia at present. In India, accelerating GDP growth, infrastructure
spending, tax reform and a young consumer base are helping to drive local
consumption. In Taiwan, global leadership in advanced semiconductors underpins
both industry demand and geopolitical importance. In South Korea, the
government's Value-Up programme is creating potential to unlock shareholder
value by targeting the improvement of governance and capital efficiency.
Reflecting these dynamics, MMIT holds companies such as E Ink in Taiwan, a
global leader in electronic paper technology, best known for powering
e-readers like the Kindle but increasingly adopted in retail through
electronic shelf labels. In India, CarTrade operates a leading digital
platform for vehicle transactions, directly tied to the growth in local
consumption as rising incomes and shorter ownership cycles fuel demand for new
and used cars. In South Korea, Park Systems develops atomic force microscopes
essential for semiconductor quality control, underpinned by proprietary
technologies, a growing patent base, and founder-let expertise.

While this financial year has been challenging, with performance diverging
from the broader market, such periods are a natural feature of a strategy with
an 98% active share. Importantly, several of the underlying portfolio
companies have continued to deliver strong results and constructive outlooks,
and some of the headwinds that weighed on sentiment - including tariff
uncertainty, higher U.S. rates and weaker EM currencies - appear to be easing.
The Company has used this environment to initiate new positions and add to
existing high-conviction positions, with the objective of enhancing the
portfolio's exposure to long-term growth opportunities.

This disciplined strategy, combining proprietary research, active ownership, a
focus on quality and long-term conviction, aims to identify exceptional
businesses across emerging markets and to generate sustainable long-term
outperformance. Engagement is considered an important pillar of the strategy,
particularly in times of global volatility, involving close interaction with
portfolio companies and a strong emphasis on governance. In this context,
Mobius Investment Trust plc was selected as the winner of Best ESG
Communication at the AIC Shareholder Communication Awards 2025, which
recognise exceptional shareholder communication by AIC member investment
companies and their managers.

INFORMATION ON THE REDEMPTION FACILITY

Shareholders submitting valid requests for the redemption of Ordinary Shares
will have their shares redeemed at the Redemption Price. The Company may,
prior to the Redemption Point, in its sole discretion, invite investors to
purchase Ordinary Shares which are the subject of Redemption Requests pursuant
to a matched bargain facility. In addition, the Company may, subject to law
and regulation, purchase Ordinary Shares which are the subject of Redemption
Requests on-market via an intermediary pursuant to an existing shareholder
authority. The price at which such transfers or purchases will be made will
not be less than the Redemption Price which the Shareholder requesting
redemption would have received if the Redemption Price had been determined by
reference to the Dealing Value per Ordinary Share applicable on the relevant
Redemption Point (see further below). Shareholders will be notified after the
Redemption Point whether their Ordinary Shares have been redeemed by the
Company under the redemption facility at the Redemption Price or sold to
incoming investors under the matched bargain facility or purchased by the
Company.

The Directors may elect, at their absolute discretion, to calculate the
Redemption Price on either of the following bases:

1.  The Redemption Price shall be equal to the Dealing Value per Ordinary
Share calculated as at the appropriate Valuation Point on the appropriate
Redemption Point, being the value of all the assets of the Company less its
liabilities, including such provisions and allowances for contingencies and
accrued costs and expenses payable by the Company, including a provision for
the costs that would be incurred in disposing of the Company's investments; or

2.  The Directors may elect to calculate the Redemption Price by reference to
the amount generated upon the realisation of a Redemption Pool created for the
purpose of funding the redemption.

Shareholders wishing to request the redemption of all or any of their
certificated Ordinary Shares at the proposed Redemption Point should deliver
to the Company's Registrar a duly completed Redemption Request form together
with (i) in the case of certificated shareholders, their share certificate; or
(ii) in the case of uncertificated shareholders, a transfer of their Ordinary
Shares from their CREST account to the Company's Registrar's CREST account
(3RA18, member account MMIRED01) via a  Transfer to Escrow ("TTE")
instruction, in accordance with the timetable set out below.  Redemption
Request forms are available from the Company's website
www.mobiusinvestmenttrust.com (http://www.mobiusinvestmenttrust.com) or from
the Company's Registrar, Computershare Investor Services PLC (details below).

The relevant dates for the 2025 Redemption Point are outlined below:

 3 November 2025                Latest date for receipt of Redemption Requests and certificates for
                                certificated shares.
 1.00 pm on 3 November 2025     Latest date and time for TTE instructions for uncertificated shares via CREST.
 6.00 pm on 1 December 2025     The Redemption Point.
 On or before 15 December 2025  Company to notify Redemption Price and dispatch redemption monies; or

If the redemption is to be funded by way of a Redemption Pool, the Company to
                                notify the number of shares being redeemed. Notification of the Redemption
                                Price and dispatch of redemption monies take place as soon as practicable
                                thereafter.
 On or before 31 December 2025  Balance certificates to be sent to shareholders.

Shareholders wishing to request a redemption of their Ordinary Shares are
strongly advised to seek independent professional tax advice as to the
consequences of doing so, in light of their own particular circumstances.

It should be noted that, for UK tax purposes, a redemption of Ordinary Shares
by the Company will generally be treated as involving both (i) a disposal of
Ordinary Shares by the shareholder for the purposes of UK capital gains tax
(or, as applicable, corporation tax on chargeable gains) and (ii) an income
distribution from the Company.  The amount of the income distribution element
would be calculated by reference to the difference between the redemption
proceeds received by the shareholder and the amount that for tax purposes is
treated as paid-in capital attributable to the Ordinary Shares redeemed.
Generally, the amount of paid-in capital attributable to the Ordinary Shares
for these purposes is the amount that was subscribed for them by the original
subscriber when they were first issued by the Company, though it may be less
if there have been subsequent transactions that are treated as having returned
capital on the shares.  Accordingly, the amount treated as paid-in capital
attributable to the Ordinary Shares for these purposes may be less than the
shareholder paid to acquire their Ordinary Shares.

For UK tax resident individual shareholders, the distribution element arising
on a redemption of Ordinary Shares by the Company will generally be subject to
income tax as if it were a dividend, but to the extent that this element is
subject to income tax it should generally then be excluded from the
calculation of any chargeable gain arising on the disposal of Ordinary Shares
pursuant to the redemption.

For shareholders within the charge to UK corporation tax, the distribution
element arising on a redemption of Ordinary Shares is likely to qualify for
exemption from corporation tax, but it should be noted that this exemption for
distributions is subject to a number of conditions and independent
professional tax advice should accordingly be taken.  Based on HM Revenue
& Customs published practice, the distribution element arising on a
redemption of Ordinary Shares should, for corporation tax purposes, generally
be disregarded in determining whether a  chargeable gain arises on the
disposal of Ordinary Shares pursuant to the redemption (though the treatment
of a buy-back of Ordinary Shares, as distinct from a redemption, would be
different in this regard).

Shareholders should also note that their tax treatment may be different if
their Ordinary Shares are acquired by a third party in the market pursuant to
the "matched bargain" facility, rather than being redeemed by the Company
directly.  In this case, the shareholder should generally not be treated as
receiving an income distribution element from the Company and instead the
proceeds should generally be treated as the consideration for a disposal of
the Ordinary Shares for the purposes of capital gains tax or, as applicable,
corporation tax on chargeable gains.

The comments above are general in nature and not intended to be an exhaustive
summary of all potentially relevant tax considerations.  They do not
constitute, and should not in any way be relied upon as, or treated as a
substitute for, tax advice.  All Shareholders should seek their own
independent professional tax advice in light of their own particular
circumstances, including those who may be subject to tax in any jurisdiction
other than the United Kingdom.  Shareholders should note that no clearances
or assurances have been sought from HM Revenue & Customs in relation to
the proposed arrangements.

Further details of the redemption facility are set out in the Company's
Articles of Association and summarised in Part 5 of the prospectus issued by
the Company on 10 September 2018 (the "Prospectus"). Such details are also
available from the Company Secretary on request.

The Directors of the Company have discretion over the operation of the
redemption facility and the calculation of the Redemption Price. The Directors
are minded to approve all valid redemption requests unless there are
exceptional reasons why this would be contrary to the interests of
Shareholders as a whole.

Defined terms in the announcement have the same meaning as set out in the
Articles of Association. Copies of the Articles of Association and the
Prospectus can be obtained from the Company Secretary or can be found on the
Company's website, www.mobiusinvestmenttrust.com
(http://www.mobiusinvestmenttrust.com/) .

 

Enquiries:

Company Secretary

Frostrow Capital LLP

Kerstin Rucht (Tel: 0203 709 8732)

Richard Plaskett (Tel: 0203 709 2407)

 

Registrar

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol BS13 8AE

Tel: +44 (0) 370 703 6304

 

Corporate Broker

Peel Hunt LLP

Luke Simpson / Huw Jeremy

Tel: 0207 418 8900

 

 1  Peer group average excludes MMIT and JPMorgan Emerging Europe, Middle East
& Africa.

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