Investment Co. Regulatory News (INV)

Monday, 9th July 2018

The Investment Company plc

Board changes

The Investment Company plc ("TIC" or the "Company") announces the following changes to the board with effect from 6th July 2018:

· Sir David Thomson, Peter Allen and Stephen Cockburn retire from the board

· Ian Dighé is appointed Non-Executive Chairman

· Tim Metcalfe is appointed Non-Executive Director

Following these changes, the board consists of Ian Dighé, Martin Perrin and Tim Metcalfe.

The board has made a number of changes to the operations of the Company over recent months including the appointment of a new manager, Fiske plc, and new administrative arrangements. Accordingly, this was viewed as an appropriate moment to refresh the board. The newly constituted board will review the investment strategy of the Company and, should there be any proposed material changes, these will be put forward to shareholders for their approval as required by the Listing Rules of the FCA.

Commenting on the board changes, Ian Dighé said:

"On behalf of shareholders I would like to thank Sir David Thomson, Peter Allen and Stephen Cockburn for their long service to the Company. Together with my new board colleagues, we look forward to working closely with the manager both to drive forward shareholder returns and seeking avenues to grow the size of the Company's assets."

For further information please contact:

The Investment Company plc

Ian Dighé 07785 703 261

Martin Perrin 07785 505 337

Fiske plc

Michael Foster 020 7448 4700

Stockdale Securities Limited

Robert Finlay / Rose Ramsden 020 7601 6115

1. Further details on Ian Dighé

Ian Dighé has significant experience with closed end funds, namely Gartmore Growth Opportunities Trust plc, Artemis Alpha Trust plc and Strategic Equity Capital plc. He was a founder of, and subsequently launched the IPO of, Bridgewell Group plc and he chaired the successful refinancing and growth of Miton Group plc. 

Ian Dighé was previously Executive Chairman of Miton Group plc. Miton Group plc had the contract to provide fund management services to the Company from 2013 to 2018. These services were provided by two fund managers employed by Miton Group plc, Gervais Williams and Martin Turner. Ian Dighé resigned as Chairman on 30 November 2017. As a former Executive Chairman of the overall Miton group, one part of which employed the individuals who had responsibility for managing the Company's portfolio, the board do not consider that this compromises his independence as a director of the Company.

 At the date of this announcement, Ian has no holding in the ordinary shares of the Company.

Ian Dighé was appointed a director of IJ Davies (Tools) Limited in April 1984. In August 1984 the company was put into receivership and wound up. The ultimate position of creditors is unknown. Ian Dighé was also appointed a partner of Matterley Holdings LLP in 2008. In 2009 Matterley Holdings LLP was put into a members' voluntary winding-up and was wound up with no loss to creditors.

Ian Dighé was a director of Miton Group plc from 15 February 2011 to 30 November 2017, a director of Strategic Equity Capital plc from 13 November 2009 to 11 November 2015 and a director of Artemis Alpha Trust plc from 10 December 2010 to 1 October 2013.

There are no further details required to be disclosed pursuant to Listing Rule 9.6.13R.

2. Further details on Tim Metcalfe

Tim Metcalfe is an experienced corporate financier, having spent over 20 years working at Robert Fleming & Co., N M Rothschild, Westhouse Securities and Northland Capital Partners and was Joint CEO of Zeus Capital prior to, in 2015, being the co-founder of IFC Advisory, an investor relations and financial PR adviser to small and mid-cap quoted companies.

At the date of this announcement, Tim has no holding in the ordinary shares of the Company.

There are no further details required to be disclosed pursuant to Listing Rule 9.6.13R.