REG-Rights and Issues Investment Trust PLC Rights and Issues Investment Trust PLC: RTE-Result of Tender Offer

Rights and Issues Investment TrustAnnouncement

28/09/2022 11:30

============

   Rights and Issues Investment Trust PLC (RIII)
   Rights and Issues Investment Trust PLC: RTE-Result of Tender Offer

   28-Sep-2022 / 11:19 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   For immediate release 28 September 2022

    

    

    

             RIGHTS AND ISSUES INVESTMENT TRUST PLC (the “Company”)

                                        

                                Result of Tender

                                        

   Result of Tender Offer

    

   The latest time for acceptance of the Tender Offer was 1.00 p.m. on 23
   September 2022.  2,542,908 Ordinary Shares (representing approximately
   36.2 per cent. of the Ordinary Shares outstanding on 27 September 2022)
   were validly tendered of which 528,101 Ordinary Shares were in respect of
   Basic Entitlements and 2,014,807 Ordinary Shares were in respect of Excess
   Applications.  As a result, subject to all terms and conditions of the
   Tender Offer as set out in Part IV of the Circular being met, all valid
   tenders will be satisfied in full up to the Basic Entitlement and,
   following application of the scale-back mechanism (as set out in the
   circular sent to shareholders on 1 September 2022 (the "Circular"),
   tenders in excess of the Basic Entitlement will be satisfied to the extent
   of approximately 8.9 per cent. of the excess Ordinary Shares tendered
   (each such satisfied entitlement being rounded down to the nearest whole
   number of Ordinary Shares).  Accordingly, upon the Tender Offer becoming
   unconditional, 706,904 Ordinary Shares will be purchased at the Tender
   Price, as determined in accordance with the terms and conditions of the
   Tender Offer as set out in Part IV of the Circular. 

    

   The Tender Price has been set at 2137.6434 pence per share, having been
   calculated in accordance with the terms and conditions of the Tender Offer
   as set out in the Circular.

    

   As set out in the Circular, upon the Tender Offer becoming unconditional,
   the Ordinary Shares in respect of which tenders have been accepted will be
   purchased by finnCap Limited ("finnCap") pursuant to the Tender Offer and
   the Company will buy-back such Ordinary Shares from finnCap for
   cancellation.

    

   Total Voting Rights

    

   As at 28 September 2022 and following the Tender Offer, the issued share
   capital of the Company will comprise 6,322,197 Ordinary Shares. All
   Ordinary Shares have 1 vote per share.

    

   Therefore, the total number of voting rights in the Company will be
   6,322,197 and may be used by shareholders as the denominator for the
   calculations by which they will determine if they are required to notify
   their interest in, or a change to their interest in, the Company under the
   FCA's Disclosure Guidance and Transparency Rules.

    

   Shareholders are reminded that settlement of the Tender Offer remains
   subject to the terms and conditions of the Tender Offer being met,
   including but not limited to the condition that the Tender Offer is
   subject to the FCA not deciding to exercise any power so as to prevent the
   implementation of the Company’s proposed appointment of JUTM as its AIFM
   within the period (including any extension) specified therefore in
   accordance with the UK AIFM Regulations.

    

   Capitalised terms and expressions shall have the same meanings as those
   attributed to them in the Circular.

    

   For further information please contact:

    

   Enquiries:

    

   finnCap Limited                                                           
   William Marle / George Dollemore – Corporate Finance  +44 (0) 20 7220 0500
   Mark Whitfeld / Pauline Tribe – Sales                 +44 (0) 20 7220 0500
                                                                             
   Maitland Administration Services Limited                                  
                                                                             
                                                          +44 (0) 1245 398950
   cosec@maitlandgroup.com
                                                                             

    

    

    

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           GB0007392078
   Category Code:  RTE
   TIDM:           RIII
   LEI Code:       2138002AWAM93Z6BP574
   OAM Categories: 2.4. Acquisition or disposal of the issuer's own shares
   Sequence No.:   191100
   EQS News ID:    1452231


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    1 fncls.ssp?fn=show_t_gif&application_id=1452231&application_name=news&site_id=refinitiv2

References

   Visible links


============