31 January 2025
Miton UK MicroCap Trust PLC
("MINI" or the "Company")
Update on the Future of the Company
On 18 November 2024, the Company
announced that the board of directors (the "Board") had concluded
that it was in the best interests of shareholders of the Company
("Shareholders") to put forward proposals for either a voluntary
winding-up of the Company or a scheme of reconstruction under
section 110 of the Insolvency Act 1986 and voluntary winding-up of
the Company (the "Scheme") through a rollover into one of Premier
Miton's open-ended funds.
Having considered feedback from Shareholders and having reviewed
the Company's options, the Board is pleased to announce that it has
agreed non-binding heads of terms regarding the Scheme with Premier
Miton. Shareholders will have the option to roll over their
investment into shares in the Premier Miton UK Smaller Companies
Fund, an FCA authorised open-ended investment company with assets
of approximately £45.3 million (which is expected to be the default
option), and/or receive a cash exit. This proposal follows
shareholder feedback in support of the investment manager and will
allow Shareholders to retain exposure to a small and micro cap
strategy.
Ashe Windham, Chairman, commented:
"The Board retains a high degree of confidence in Gervais Williams and Martin Turner's ability to manage UK small and
micro cap stocks, but acknowledges that the Company has been
through a challenging period of performance with a high level of
redemption requests for the 2024 Redemption Point. With this in
mind, the Board is proposing the Scheme, which will provide
Shareholders with an opportunity to retain exposure to a proven and
top-of-class small and micro cap strategy with the same managers
through the rollover option."
The City Code on Takeovers and Mergers is not expected to apply to
the Scheme.
It is expected that the Scheme will take effect during the second
quarter of 2025 and will be subject to Shareholder approval. A
further announcement will be made in due course.
For further information please contact:
Miton UK MicroCap Trust PLC
Ashe Windham, Chairman Email:
mitonukmicrocap@ntrs.com
Premier Miton Investors
(Investment Manager)
Gervais Williams, Martin Turner, Claire
Long
Tel: 020 3714 1500
Peel Hunt LLP (Broker)
Liz Yong, Huw Jeremy
Tel: 020 7418 8900
Legal Entity Identifier: 21380048Q8UABVMAG916
