Rights &iss. Regulatory News (RIII)

For immediate release 28 September 2022

RIGHTS AND ISSUES INVESTMENT TRUST PLC (the “Company”)

RESULT OF TENDER OFFER - REPLACEMENT

The ‘Result of Tender’ announcement released on 28 September 2022 at 11:19 under EQS News ID ‘1452231’ was incorrect and should be disregarded. The correct announcement is set out below.

Result of Tender Offer

The latest time for acceptance of the Tender Offer was 1.00 p.m. on 23 September 2022.  2,542,908 Ordinary Shares (representing approximately 36.2 per cent. of the Ordinary Shares outstanding on 27 September 2022) were validly tendered of which 528,101 Ordinary Shares were in respect of Basic Entitlements and 2,014,807 Ordinary Shares were in respect of Excess Applications.  As a result, subject to all terms and conditions of the Tender Offer as set out in Part IV of the Circular being met, all valid tenders will be satisfied in full up to the Basic Entitlement and, following application of the scale-back mechanism (as set out in the circular sent to shareholders on 1 September 2022 (the "Circular"), tenders in excess of the Basic Entitlement will be satisfied to the extent of approximately 8.9 per cent. of the excess Ordinary Shares tendered (each such satisfied entitlement being rounded down to the nearest whole number of Ordinary Shares).  Accordingly, upon the Tender Offer becoming unconditional, 706,904 Ordinary Shares will be purchased at the Tender Price, as determined in accordance with the terms and conditions of the Tender Offer as set out in Part IV of the Circular. 

The Tender Price has been set at 2137.6434 pence per share, having been calculated in accordance with the terms and conditions of the Tender Offer as set out in the Circular.

As set out in the Circular, upon the Tender Offer becoming unconditional, the Ordinary Shares in respect of which tenders have been accepted will be purchased by finnCap Limited ("finnCap") pursuant to the Tender Offer and the Company will buy-back such Ordinary Shares from finnCap for cancellation.

Shareholders are reminded that settlement of the Tender Offer remains subject to the terms and conditions of the Tender Offer being met, including but not limited to the condition that the Tender Offer is subject to the FCA not deciding to exercise any power so as to prevent the implementation of the Company’s proposed appointment of JUTM as its AIFM within the period (including any extension) specified therefore in accordance with the UK AIFM Regulations.

Capitalised terms and expressions shall have the same meanings as those attributed to them in the Circular.

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