Manchester&lon. Regulatory News (MNL)

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

PR Newswire

London, February 12

MANCHESTER AND LONDON INVESTMENT TRUST PLC

(the “Company” or “MLIT”)

12 February 2020

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 1,250,000 new ordinary shares of 25 pence each (“Subscription Shares”) at 609.5 pence being the price equal to the latest reported Net Asset Value (“NAV”) (“Subscription”). The consideration paid for the Subscription equals £7,618,750.

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 proceeds of the Subscription will provide further investment funds to enable the Company to grow, increase liquidity in its shares and spread the fixed costs of the Company”.

This transaction is deemed to be a smaller related party transaction within the definition of Listing Rule 11.1.10R because the percentage ratios are less than 5% but exceed the 0.25% threshold as set out in LR 11.1.10R(1).

Following the Subscription, Mark Sheppard, via MMIC, will be interested in a total of 19,740,165 ordinary shares of 25 pence each (“Ordinary Shares”) in MLIT, representing 58.3% 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 18th February 2020.

Following Admission, the total number of Ordinary Shares in issue with voting rights in the Company will be 33,860,738. 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 Regulation 596/2014, prior to its release.

For enquiries:

Manchester and London Investment Trust PLC 020 7584 5733M&L Capital Management Limited 0207 584 5733Beaumont Cornish Limited (Sponsor) 0207 628 3396

LEI: 213800HMBZXULR2EEO10