Montanaro European Smaller Companies Trust Plc
LEI: 213800CWSC5B8BG3RS21
Share Split and Total Voting Rights
The Board of Montanaro European Smaller Companies Trust Plc (the "Company") is pleased to announce further details of its previously announced sub-division of each ordinary share of 50 pence each ("Existing Ordinary Share") into 10 new ordinary shares of 5 pence each ("New Ordinary Shares") (the "Share Split"). The Share Split is subject to shareholder approval at the Company's Annual General Meeting ("AGM"), which will be held on Thursday, 9 September 2021.
The Share Split is also conditional on the New Ordinary Shares being admitted to the premium listing category of the Official List and for the New Ordinary Shares to be admitted to trading on the premium segment of the Main Market of the London Stock Exchange. Applications for such admissions (the "Admission Applications") are being made and it is expected that such admissions will become effective, and that dealings in the New Ordinary Shares will commence, at 8.00am on Tuesday, 14 September 2021, at which time the Share Split will become effective. The last day of trading in the Existing Ordinary Shares is expected to be, therefore, Monday, 13 September 2021 and the record date for the Share Split is 5.00pm on that date (the "Record Date").
Shareholders will receive 10 New Ordinary Shares in exchange for each Existing Ordinary Share held at the Record Date. CREST accounts are expected to be credited with New Ordinary Shares on Tuesday, 14 September 2021 and share certificates in respect of the New Ordinary Shares are expected to be posted to shareholders no later than Tuesday, 28 September 2021.
The New Ordinary Shares will have a new ISIN and SEDOL, as follows:
New ISIN: GB00BM8H3X05
New SEDOL: BM8H3X0
The ticker for the New Ordinary Shares will remain the same as the ticker for the Existing Ordinary Shares (MTE). The New Ordinary Shares will rank pari passu with each other and will be subject to the same rights and restrictions as the Existing Ordinary Shares. Subject to the proposed new Articles of Association being approved by shareholders at the AGM, with effect from such approval, each Existing Ordinary Share will have one vote per share on a poll. Each New Ordinary Share will also have one vote per share on a poll. A holding of New Ordinary Shares following the Share Split will represent the same proportion of the issued ordinary share capital of the Company as the corresponding holding of Existing Ordinary Shares immediately prior to the Share Split.
The Company currently has 17,448,260 Existing Ordinary Shares in issue and 50,000 Existing Ordinary Shares held in treasury. On this basis, in accordance with the Financial Conduct Authority's ("FCA") Disclosure Guidance and Transparency Rule 5.6, the Company advises that, following the completion of the Share Split, as at Tuesday, 14 September 2021 the Company will have 174,482,600 New Ordinary Shares in issue and 500,000 New Ordinary Shares held in treasury (assuming no further shares are issued by the Company prior to the Share Split).
The Admission Applications include the 1,673,326 Existing Ordinary Shares remaining available for issue pursuant to the Company's current block listing facility and, therefore, upon the Share Split becoming effective, there will be 16,733,260 New Ordinary Shares available for issue pursuant to that facility (assuming no further shares are issued by the Company prior to the Share Split).
A document containing frequently asked questions on Share Splits can be found on the Company's website at www.montanaro.co.uk/trust/montanaro-european-smaller-companies-trust.
All Enquiries:
Montanaro Asset Management Ltd
T: +44 20 7448 8600
Georgina Gearing-Bell
Link Company Matters Limited
Company Secretary
T: 020 7954 9531
Andrew Worne / Will Talkington: 020 7397 8900
Cenkos
Broker
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