6 April 2018
MANCHESTER AND LONDON INVESTMENT TRUST PLC
(the “Company” or “MLIT”)
Publication of Circular
The Board of the Company announces that is has today published a circular setting out the Board's proposals to seek Shareholder approval to grant authority to allot up to 4,708,517 New Ordinary Shares on a non-pre-emptive basis, amend the Articles and to approve the Related Party Transactions (the “Circular”).
The Proposals are subject to Shareholder approval and accordingly the Circular contains a notice convening the General Meeting of the Company to be held at ICAEW, Chartered Accountants' Hall, Moorgate Place, London EC2R 6EA, United Kingdom on 2 May 2018 at 2.00 p.m. at which the following Resolutions will be put to Shareholders:
To authorise the allotment of up to 4,708,517 New Ordinary Shares (representing 19.9 per cent. of the issued share capital (excluding treasury shares) of the Company ("Resolution 1");
To dis-apply statutory pre-emption rights otherwise applicable to the allotment of New Ordinary Shares such that New Ordinary Shares do not first have to be offered to Shareholders in proportion to their holdings of Ordinary Shares ("Resolution 2");
To approve the issue of New Ordinary Shares to the Related Party by way of any issue ("Resolution 3");
To approve the side letter amending the Management Agreement ("Resolution 4");
To approve the payment to the Manager of a risk management and valuation fee in its capacity as the Company's AIFM ("Resolution 5"); and
To amend the Articles to facilitate Board and Committee resolutions by email (and to make miscellaneous small changes to them) ("Resolution 6").
The background to, the reasons for and the Directors’ recommendations for these Proposals are set out in the Circular which will shortly available for download from the national storage mechanism: www.morningstar.co.uk/uk/NSM and from the Company’s website: http://mlcapman.com/manchester-london-investment-trust-plc/
Capitalised terms used in this announcement and not otherwise defined have the meanings given to them in the Circular.
|Latest time and date for receipt of Forms of Proxy||2.00 p.m. on 30 April|
|General Meeting||2.00 p.m. on 2 May|
The above times and/or dates may be subject to change and, in the event of such change, the revised times and/or dates will be notified to Shareholders by an announcement through a Regulatory Information Service.
All references to times are to London times.
M&L Capital Management Limited (AIFM): +44 (0) 207 584 5733
Link Company Matters Limited – Company Secretary: +44 (0) 1392 477500
INDOS Financial Limited (Depositary): +44 (0) 203 319 1589
Beaumont Cornish Limited (Sponsor): +44 (0) 207 628 3396