REG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Acquisition of shares in Zeta Resources Limited

UILAnnouncement

10/10/2024 07:00

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RNS Number : 6169H  UIL Limited  10 October 2024

10 October 2024

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Acquisition of shares in Zeta Resources Limited

The Board of UIL Limited ("UIL") announces that, as referred to in UIL's
annual report and accounts released on 8 October 2024, UIL plans to merge the
Zeta Resources Limited ("Zeta") investment platform into UIL.

 

UIL has entered into a sale and purchase agreement with General Provincial
Life Pension Fund Limited ("GPLPF") to acquire all the 187,572,396 ordinary
shares in Zeta held by GPLPF, leading to UIL owning 95.03% of the share
capital of Zeta.  UIL has given notice to acquire the remaining Zeta shares
that it currently does not own by compulsory acquisition in accordance with
s103 of the Companies Act 1981 of Bermuda.  GPLPF currently holds 65.5% of
UIL's ordinary shares and is therefore a related party for the purposes of DTR
7.3.

 

Based on the net asset value per share of Zeta as at 8 October 2024 of
A$0.2973, GPLPF's Zeta shares are valued at £28.7m and the consideration will
be satisfied through the transfer to GPLPF of UIL's investment in Allectus
Capital Limited, an unlisted investment company with a portfolio of technology
businesses (valued at £12.8m as at 8 October 2024) and the issue to GPLPF of
9,504,199 new UIL ordinary shares at £1.6655 each (being equal to the net
asset value per UIL ordinary share as at 8 October 2024 of £1.5445 adjusted
for UIL's investment in Zeta valued at its underlying net asset value per
share).  The use of net asset values at the latest practicable date prior to
entry into the sale and purchase agreement will ensure no pro-forma dilution
in UIL's net asset value per share.  Starting on 11 October 2024, for UIL's
daily net asset value reporting, UIL intends to value its investment in Zeta
at its underlying net asset value per share.

 

Application has been made to the London Stock Exchange for the 9,504,199 new
UIL ordinary shares to be admitted to trading on the Specialist Funds Segment
of the Main Market of the London Stock Exchange.  Admission of the new UIL
ordinary shares is expected on or around 14 October 2024.

 

Following admission, the total number of UIL ordinary shares with voting
rights in issue will be 93,259,784 and GPLPF will hold 69.0% of UIL's enlarged
ordinary share capital.

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management Limited

Telephone: 01372 271486

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