THE DIVERSE INCOME TRUST PLC (the
"Company")
VOLUNTARY REDEMPTION OF ORDINARY
SHARES
YOU DO NOT HAVE TO TAKE ANY ACTION IF
YOU WISH TO RETAIN YOUR SHARES.
Under the Company’s Articles of Association, the Company
operates an annual voluntary redemption facility through which
shareholders may request the redemption of all or part of their
holding of redeemable Ordinary Shares of 0.1p each (“ordinary
shares”) for cash on 31 May in each year.
There is no requirement for
shareholders to take any action should they wish to retain their
Ordinary Shares. As at close of business on 5 April 2019, the ordinary share price was 93.2p
and the Net Asset Value (including current period revenue) was
94.2p per ordinary share, so the ordinary shares were trading at a
1.02% discount.
A redemption of Ordinary Shares may be
subject to income tax and/or capital gains tax. In particular,
private shareholders that sell their shares via the redemption
mechanism could find they are subject to income tax on the gains
made on the redeemed shares rather than the more usual capital
gains tax on the sale of their shares in the market. However,
individual circumstances do vary, so shareholders who are in any
doubt about the redemption or the action required to be taken
should consult their stockbroker, accountant, tax adviser or other
independent financial adviser.
The investment objective of the
Company is to provide shareholders with an attractive and growing
level of dividends coupled with capital growth over the long term.
None of the Directors of the Company will be redeeming any of their
shares under the redemption facility this year.
Shareholders submitting valid requests for the redemption of
Ordinary Shares will have their shares redeemed at the Redemption
Price or the Company may arrange for such shares to be sold in the
market at the Net Asset Value (including current period revenue)
(the “Dealing Value”) prevailing at the end of May (subject to the
Directors’ discretion).
The Directors may elect, at their absolute discretion, to
calculate the Redemption Price on either of the following
bases:
-
The Redemption Price shall be equal to the Dealing Value per
ordinary share calculated as at the appropriate valuation point on
the appropriate redemption point; or
-
The Directors may elect to calculate the Redemption Price by
reference to the amount generated upon the realisation of a
Redemption Pool created for the purpose of funding the
redemption.
The Directors are minded to approve all redemption requests
unless there are exceptional reasons why this would be contrary to
the interests of shareholders.
Shareholders wishing to request the redemption of all or any of
their Ordinary Shares at the proposed Redemption Point should
deliver to the Company’s Registrar a duly completed Redemption
Request form together with their share certificate or TTE
instruction (in respect of shares held in uncertificated form) in
accordance with the timetable set out below. Redemption Request
forms are available from the Company’s Registrar, Link Asset
Services on +44 (0) 371 664 0321 or by email at
shareholderenquiries@linkgroup.co.uk. Calls are charged at the
standard geographic rate and will vary by provider. Calls outside
the United Kingdom will be charged
at the applicable international rate. The helpline is open between
9.00 am – 5.30
pm, Monday to Friday, excluding public holidays in
England and Wales. Please note that Link Asset Services
cannot provide any financial, legal or tax advice and calls may be
recorded and monitored for security and training purposes.
The relevant dates for the May
2019 Redemption Point are outlined below:
1 May 2019 |
Latest date for receipt
of Redemption Requests and certificates for certificated
shareholders |
3.00 pm on 1 May 2019 |
Latest date and time
for receipt of Redemption Requests and TTE (transfer to escrow)
instructions for uncertificated shares via CREST |
5.00 pm on 31 May 2019 |
The Redemption
Point |
On or before 14 June 2019 |
Company to notify
Redemption Price and dispatch redemption monies; or
If the redemption is to be funded by way of a Redemption Pool,
Company to notify the number of shares being redeemed. Notification
of Redemption Price and dispatch of redemption monies to take place
as soon as practicable thereafter |
On or before 28 June 2019 |
Balance certificates to
be sent to shareholders (where applicable) |
Further details of the redemption facility are set out in the
Company’s Articles of Association or are available from the Company
Secretary.
The Directors of the Company have discretion over the operation
of the redemption facility and the calculation of the Redemption
Price.
Defined terms in this announcement
have the same meaning as set out in the Articles of Association, a
copy of which may be obtained from the Company Secretary.
9 April 2019
LEI: 2138005QFXYHJM551U45