Throgmorton Trust Regulatory News (THRG)

BlackRock Throgmorton Trust Plc - Result of Placing

PR Newswire

London, November 20

BlackRock Throgmorton Trust PLC (the “Company”)

LEI: 5493003B7ETS1JEDPF59

Result of Placing

Further to the announcement on 17 November 2020, the Board of BlackRock Throgmorton Trust PLC (the "Company") is pleased to announce that the Company has raised £18.4 million, through an issue of 2,681,851 Ordinary Shares at a price of 687.63 pence per share (the “Placing Price”). The Placing Price represented a premium of 1.5% to the unaudited net asset value, including current year income, per Ordinary Share as at close of business on 19 November 2020. This brings the total number of shares issued in the past twelve months to 14,099,045 raising approximately £88.3m in new equity via the sale of shares from Treasury or the issue of new shares.

Stifel Nicolaus Europe Limited acted as Sole Bookrunner in relation to the Placing.

Admission

An application has been made in respect of the 2,681,851 new Ordinary Shares to be issued pursuant to the Placing to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. (London time) on 24 November 2020. The new Ordinary Shares will, when issued be credited as fully paid and will rank pari passu with the existing Ordinary Shares .

Related party transaction

As part of the Placing, Brewin Dolphin Limited ("Brewin Dolphin") subscribed for, on behalf of its clients, 756,209 new Ordinary Shares at the Placing Price and on the terms and conditions of the Placing for a total consideration of £5,199,920. The issue of Ordinary Shares to Brewin Dolphin, which is a substantial shareholder of the Company under Chapter 11 of the Listing Rules, amounts to a smaller related party transaction as defined in Listing Rule 11.1.10.

Total voting rights

The number of Ordinary Shares that the Company will have in issue following the Placing is 87,339,371 (Ordinary Shares held in treasury: nil). With effect from 24 November 2020 the total number of voting rights of the Company will be 87,339,371. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

Future issuance

Following the Placing, the Company has remaining shareholder authority, as granted at the last annual general meeting (“AGM”) of the Company, held on 25 March 2020, to issue up to 625,835 further Ordinary Shares on a non pre-emptive basis, being approximately 0.7% of the Ordinary Shares that will be in issue. The Company will shortly be issuing a circular to shareholders to seek a renewed authority to issue up to 10% of the Ordinary Shares that will be in issue on a non pre-emptive basis. The Board considers that it is in Shareholders' interests that the Company has, at all times, the flexibility to issue Ordinary Shares in order to ensure that it can manage the premium to NAV at which its Ordinary Shares may trade, in line with its discount/premium control policy.

Contact details for queries:

BlackRock Investment Management (UK) Limited

Simon WhiteKevin MaygerTel: 020 7743 1098

Stifel Nicolaus Europe Limited

Corporate:Mark BloomfieldMaarten Freeriks

Sales:Phil HopkinsJonathan CrabtreeHugh Middleton

Tel: 020 7710 7600