Independent Investment Trust PLC Result of Meeting (7768E)
October 31 2022 - 10:02AM
UK Regulatory
TIDMIIT
RNS Number : 7768E
Independent Investment Trust PLC
31 October 2022
31 October 2022
THE INDEPENDENT INVESTMENT TRUST PLC (the "Company") (IIT)
Results of First General Meeting and Results of Elections
Results of First General Meeting
In connection with the proposals for a combination of the assets
of the Company with The Monks Investment Trust PLC ("Monks") by
means of a scheme of reconstruction and winding up of the Company
under section 110 of the Insolvency Act 1986 (the "Scheme"), the
Board is pleased to announce that the special resolutions, which
were put forward at the First General Meeting held today, have been
approved by Shareholders.
Details of the number of proxy votes cast for, against and
withheld in respect of the resolutions are set out below and will
also be published on the Company's website:
www.independentinvestmenttrust.co.uk.
Resolution Number Votes For % Votes % Votes % Issued Votes
(including Against Total Share Withheld
Discretionary) Capital
1. To approve
the reclassification
of the shares
in the capital
of the Company
as shares with
"A" rights and
shares with "B"
rights and to
approve changes
required to the
Company's articles
of association.
2. To approve
(i) the Scheme; 31,785,073 99.97 7,980 0.03 31,793,053 61.25 2,820
(ii) the implementation
of the Scheme;
(iii) the changes
required to be
made to the Company's
articles of association
in order to implement
the Scheme; and
(iv) to grant
certain powers
to the proposed
liquidators. 31,785,073 99.97 7,980 0.03 31,793,053 61.25 2,820
---------------- ------- --------- ------ ------------ --------- ----------
The full text of the special resolutions can be found in the
notice of First General Meeting contained in the Company's circular
to Shareholders dated 6 October 2022 (the "Circular"). The Circular
is available for viewing at the National Storage Mechanism which
can be located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the
Company's website at www.independentinvestmenttrust.co.uk.
Results of Elections
The Company received the following elections (including deemed
elections) in connection with the Scheme:
-- Rollover Option: 38,103,327 Shares
-- Cash Option: 13,803,535 Shares
In accordance with the Scheme, eligible Shareholders that made
no election have been deemed to have elected for the Rollover
Option. Accordingly, 73.4 per cent. of the Company's Shares will
rollover into Monks, with the balance taking the Cash Option.
Therefore, the Shares will be reclassified as follows:
-- 38,103,327 Shares with "A" rights, being the right to receive New MNKS Shares; and
-- 13,803,535 Shares with "B" rights, being the right to receive cash.
The amendment to the listing of the Shares has been requested
and dealings in the Reclassified Shares are expected to commence at
8:00 a.m. on 7 November 2022. The listing and dealings in
Reclassified Shares is subsequently expected to be suspended at
7:30 am on 8 November 2022.
Pre-liquidation interim dividend
As announced on 6 October 2022, a pre-liquidation interim
dividend of 9.0 pence per Share will be paid on 4 November 2022 to
Shareholders on the register on 14 October 2022.
Defined terms used in this announcement have the meanings given
in the Circular unless the context otherwise requires.
Enquiries:
The Independent Investment Trust
PLC +44 (0) 131 558 9434
Douglas McDougall
J.P. Morgan Cazenove +44 (0) 207 742 4000
William Simmonds
Rupert Budge
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END
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