Manchester&lon. Regulatory News (MNL)

Manchester & London Investment Trust Plc - Correction - Subscription and Total Voting Rights

PR Newswire

London, September 24

MANCHESTER AND LONDON INVESTMENT TRUST PLC

(the “Company” or “MLIT”)

This is a correction for previous notifications (released on 19 June 2019 and 22 July 2019). It corrects the total number of shares Mr Sheppard is interested in following this transaction, as well as the percentage of the Company’s issued share capital his holding represents.

Subscription and Total Voting Rights

MLIT announces that M&M Investment Company Plc (“MMIC”), a company controlled by Mark Sheppard, the owner of M&L Capital Management Limited, the Company’s Manager, and a controlling shareholder in the Company, has today subscribed for 994,575 new ordinary shares of 25 pence each (“Subscription Shares”) at 538.1 pence per share, being the price equal to the latest reported Net Asset Value (“NAV”) (“Subscription”). The consideration paid for the Subscription equals £5.4 million.

Brett Miller, Director of the Company, said: “We are very pleased to have the support of our major shareholder in providing funding at the latest reported NAV, which is higher than the current market price. The larger the fund gets the more liquid the trading in its shares become. Liquidity is good.”

This transaction is undertaken pursuant to the approval of the resolutions presented to shareholders at the General Meeting of the Company held on 15 January 2019.

Following the Subscription, Mark Sheppard, via MMIC, will be interested in a total of 16,554,909 ordinary shares of 25 pence each (“Ordinary Shares”) in MLIT, representing 56.38% of the Company’s issued share capital, as enlarged by the Subscription. The Subscription Shares will rank pari passu with the existing Ordinary Shares in issue.

Applications are being made to the UK Listing Authority and the London Stock Exchange for the Subscription Shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities (the "Admission"). The Admission is expected to take effect and dealings in the Subscription Shares will commence at 8:00 am (London Time) on 25th June 2019.

Following Admission, the total number of Ordinary Shares in issue with voting rights in the Company will be 29,363,930. This figure may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Market Abuse Regulation 596/2014, prior to its release.

For enquiries:

Manchester and London Investment Trust PLC 0207 584 5733

M&L Capital Management Limited 0207 584 5733

LEI: 213800HMBZXULR2EEO10