DDIT Stakeholders

 
TIDMMNL TIDMDDIT 
 
Stakeholders' Momentum Investment Trust plc 
 
                            Cancellation of Listing 
 
21 May 2010 
 
On 28 April 2010, the boards of Manchester & London Investment Trust PLC 
('MLIT') and Stakeholders' Momentum Investment Trust plc ('SMIT') announced the 
proposed merger of MLIT and SMIT to be effected by way of a recommended offer 
(the 'Offer') to acquire the entire issued, and to be issued, share capital of 
SMIT. The Offer was declared unconditional in all respects on 21 May 2010 and 
SMIT is now a subsidiary of MLIT. 
 
It was stated in the Offer Document that once the Offer had been declared 
unconditional, MLIT would seek to cancel the public quotation of SMIT Shares on 
the main market of the London Stock Exchange so that the Enlarged Group bears 
the cost of having one quoted holding company rather than two. 
 
MLIT announced that as at 1.00 pm on 20 May 2010 it had received valid 
acceptances of the recommended Offer in respect of SMIT Shares carrying over 75 
per cent. of the voting rights of SMIT. 
 
Notice is hereby given by the Boards of MLIT and of SMIT in accordance with 
Listing Rule 5.2.10 that the Listing of SMIT Shares on the Official List of the 
UKLA will be cancelled with effect from 22 June 2010. SMIT Shares will cease to 
be traded on the London Stock Exchange with effect from that date. 
 
SMIT Shareholders who have not accepted the recommended Offer should note that 
following the cancellation of listing, SMIT Shares could become unquoted and 
difficult to realise. 
 
The Basic Offer closes at 1.00 p.m. on 2 June 2010 and may or may not be 
extended. The Cash Alternative Offer also closes at 1.00 p.m. on 2 June 2010 
but will not be extended past this date. 
 
Acceptance of the Offer by 2 June 2010 will result in accepting SMIT 
Shareholders receiving their New MLIT Shares sooner than would be the case if 
they await the completion of the compulsory acquisition procedure. 
 
Compulsory acquisition 
 
If MLIT receives acceptances under the Offer in respect of, and/or otherwise 
acquires, 90 per cent. or more of the SMIT Shares to which the Offer relates, 
MLIT intends to exercise its rights pursuant to the provisions of section 979 
of the Companies Act 2006 which will entitle MLIT to compulsorily acquire the 
remaining SMIT Shares in issue. 
 
In compliance with the compulsory acquisition procedure set out in the 
Companies Act 2006, the holders of SMIT Shares being compulsorily acquired may 
apply within six weeks of being given notice to receive 217.5p per SMIT Share 
in cash as an alternative to new MLIT Shares on the terms of the Basic Offer. 
 
Enquiries 
 
Manchester & London Investment Trust PLC    Tel: 0161 242 2895 
 
Peter Stanley                               www.manchesterandlondon.co.uk 
 
Stakeholders' Momentum Investment Trust PLC Tel: 020 7148 7903 
 
Liam Murray 
 
Midas Investment Management Limited (fund   Tel: 0161 242 2895 
manager to MLIT and SMIT) 
 
Mark Sheppard 
 
Fairfax I.S. PLC                            Tel: 020 7598 5368 
 
David Floyd, Rachel Rees 
 
Libertas Capital Corporate Finance Limited  Tel: 020 7569 9650 
(adviser to SMIT) 
 
Sandy Jamieson, Andrew McLennan 
 
Further Information: 
 
Unless otherwise defined in this announcement, capitalised words and phrases 
used herein have the same meanings given to them in the document dated 28 April 
2010 containing the Offer (the 'Offer Document'). 
 
Libertas Capital Corporate Finance Limited is acting for SMIT and no-one else 
in connection with the Offer and will not be responsible to anyone other than 
SMIT for providing the protections afforded to clients of Libertas Capital 
Corporate Finance Limited or for providing advice in relation to the Offer. 
 
The Offer is not being made, and will not be made, directly or indirectly, in 
or into Australia, Canada, Republic of South Africa, Japan or any other 
jurisdiction if to do so would constitute a violation of the relevant laws of 
such jurisdiction. None of this announcement, Offer Document, any Form of 
Acceptance, or the Prospectus Equivalent Document constitutes an offer in 
Australia, Canada, Republic of South Africa, Japan or any other jurisdiction 
where such offer would constitute a violation of the relevant laws of such 
jurisdiction, and the Offer will not be capable of acceptance from or within 
Australia, Canada, Republic of South Africa, Japan or any other jurisdiction if 
to do so would constitute a violation of the relevant laws of such 
jurisdiction. Accordingly, except as required by applicable law, copies of this 
announcement, the Offer Document, any Form of Acceptance and the Prospectus 
Equivalent Document are not being, and may not be, mailed, forwarded or 
otherwise distributed or sent in, into or from, Australia, Canada, Republic of 
South Africa, Japan or any other jurisdiction if to do so would constitute a 
violation of the relevant laws of such jurisdiction, including to SMIT 
shareholders with registered addresses in the aforementioned jurisdictions or 
to persons whom MLIT knows to be nominees holding SMIT shares for such persons. 
Persons receiving the Offer Document, any Form of Acceptance or the Prospectus 
Equivalent Document (including without limitation nominees, trustees or 
custodians) must not forward, distribute or send them into Australia, Canada, 
Republic of South Africa, Japan or any other jurisdiction if to do so would 
constitute a violation of the relevant laws of such jurisdiction. 
 
All SMIT shareholders (including, without limitation, nominees, trustees or 
custodians) who would, or otherwise intend to or who may have a contractual or 
legal obligation to, forward the Offer Document or any Form of Acceptance or 
the Prospectus Equivalent Document to any jurisdiction outside the United 
Kingdom, should read the details in this regard which are contained on page 2 
of the Offer Document. 
 
This is an advertisement and not a Prospectus and SMIT shareholders should not 
subscribe for New MLIT shares pursuant to an acceptance of the Offer, except on 
the basis of information in the Prospectus Equivalent Document and Offer 
Document published by MLIT on the 28 April 2010 in connection with the Offer. 
Copies of the Offer Document and the Prospectus Equivalent Document are 
available to SMIT shareholders from: 
 
 i. Computershare Investor Services PLC, Corporate Actions Projects, Bristol 
    BS99 6AH; 
 
ii. and (ii) in electronic form on MLIT's website at: 
 
http://www.manchesterandlondon.co.uk/investorRelations.php 
 
The persons responsible for this announcement are the SMIT and the MLIT 
Directors. To the best of the knowledge and belief of the SMIT Directors and 
the MLIT Directors (who have taken all reasonable care to ensure that such is 
the case), the information contained in this announcement is in accordance with 
the facts and does not omit anything likely to affect the import of such 
information. 
 
This announcement has been approved for the purposes of section 21 of the 
Financial Services and Markets Act 2000 by Fairfax I.S. PLC which is authorised 
and regulated in the UK by FSA. Fairfax I.S. PLC is acting for MLIT (the 
holding company of SMIT) and no-one else in connection with the Offer and will 
not be responsible to anyone other than MLIT for providing the protections 
afforded to clients of Fairfax or for providing advice in relation to the 
Offer. 
 
 
 
END 
 

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