NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN WHOLE OR IN
PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THE
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON
THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
FOR IMMEDIATE
RELEASE
18
November 2024
Miton UK MicroCap Trust
plc
(the
“Company”)
Company
Update
In October 2024, the Company announced that,
considering the level of redemption requests received for the 2024
Redemption Point, the Board would engage with shareholders with
regards to the future direction of the
Company.
The Board has now engaged
with several shareholders. Whilst feedback provided to date voiced
support for the Company and its investment manager, it was
acknowledged that the Company has been through a challenging period
of performance and following this year’s redemption, the Company is
now at a size which some investors consider to be too small from a
liquidity perspective, particularly given the increasing demand
from investors for larger listed funds. The Board also acknowledges
that the Company continues to trade at a persistent, material
discount to its net asset value, with limited options to grow and
achieve greater scale.
As a result, the Board has
concluded that it is in the best interests of shareholders to put
forward proposals for a voluntary winding up of the Company. The
Board is however also conscious both of shareholders’ positive
views of the investment manager and of the depressed valuations
currently present in UK small and micro-cap companies, and as such
has started discussions with Premier Miton about putting forward a
scheme of reconstruction under section 110 of the Insolvency Act
1986 and voluntary winding-up of the Company (the "Scheme") through
a rollover into one of Premier Miton’s open-ended funds. Should the
Scheme be put forward, it is expected that a cash exit alternative
will also be offered. The winding up of the Company will be subject
to shareholder approval and further announcements will be made when
appropriate.
The information contained
within this announcement constitutes inside information. The person
responsible for arranging for the release of this announcement on
behalf of the Company is Tracey
Spevack of Northern Trust Secretarial Services (UK)
Limited.
Enquiries:
Miton UK MicroCap Trust
plc
Ashe Windham,
Chairman
mitonukmicrocap@ntrs.com
Premier Miton Investors (Investment
Manager)
Gervais Williams, Martin
Turner, Claire Long
Tel: 020 3714 1500
Peel Hunt LLP
(Broker)
Liz Yong, Huw Jeremy
Tel: 020 7418 8900
LEI:
21380048Q8UABVMAG916
