Downing Strategic Micro-Cap Investment Trust plc Dsm: Return Of Capital - Board Update
28 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMDSM
Downing Strategic Micro-Cap Investment Trust Plc (the
"Company")
LEI: 213800QMYPUW4POFFX69
DSM: Return of Capital - Board Update
28 December 2023
As announced by the Company on 9 November 2023, the board of
directors of the Company (the "Board") has been considering the
best means by which the Company can meet its commitment to return
capital to shareholders and had concluded that it would advantage
all shareholders equally if the Company were to commence a managed
wind down of its investment portfolio. The Board has worked closely
with the Investment Manager to determine an appropriate managed
wind down strategy and is of the view that within the first six
months of 2024 up to or exceeding 50% of the Company's current
market value can be returned to shareholders in cash (current bids
for investments assumed to complete by then) with more than the
remaining portfolio market value still to be realised through the
process of complete wind down.
The Board continues to consult with its advisors on the most tax
efficient method of returning capital to shareholders pursuant to
that wind down, whilst also remaining open to any alternative
options for the future of the Company that merit consideration.
Good progress is being made on the former, and the Board notes that
bids for portfolio companies continue to be made at premiums to
their share price.
The Board expects to update shareholders further by mid-January
2024.
(END) Dow Jones Newswires
December 28, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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