For
immediate release
21 August 2024
MIGO OPPORTUNITIES TRUST PLC
(the
"Company")
2024 REALISATION OPPORTUNITY
The
Company's articles of association contain provisions enabling
shareholders to elect to realise all or part of their holdings at
three yearly intervals, such provisions operating in tandem with
the Company's share buyback policy which aims to restrict undue
widening in the share price discount to NAV.
As noted
in the Company's annual report dated 24 July
2024 (the "Annual
Report"), the
Company is making available the 2024 Realisation Opportunity on the
terms set out in the Document (as defined below). The Election
Period in respect of the 2024 Realisation Opportunity commences on
27 August 2024 and expires on
3 September 2024.
The 2024
Realisation Opportunity is being made available to Shareholders on
the terms set out in this document on the Company's website:
https://www.assetvalueinvestors.com/content/uploads/2024/07/MIGO-2024-Realisation-Opportunity-Document.pdf
(the
"Document").
Shareholders
who wish to retain their current investment in the Company should
not make an Election.
The price
for each Ordinary Share which is validly elected to participate in
the 2024 Realisation Opportunity will represent a 2% discount to
the net asset value per Ordinary Share as at 2 September 2024.
The
Directors do
not intend to
realise their Ordinary Shares and highlight that, Shareholders who
realise their shareholding may be able to sell on the stock market
at a higher price than is expected to be offered under the 2024
Realisation Opportunity.
For
further details, please refer to the Document and the Additional
notes section below.
Expected
timetable
|
|
2024
|
|
Commencement
of Election Period
|
27
August
|
|
Realisation
NAV Calculation Date
|
2
September
|
|
Expiry of
Election Period and latest time and date for receipt of
Election (whether
via the return by post/hand of the Form of Election or via TTE
Instruction in CREST from Shareholders)
|
1.00 p.m.
on 3 September
|
|
Record
Date (for
entitlement to participate in the 2024 Realisation
Opportunity)
|
Close of
business on 3 September
|
|
Announcement
of results of Elections and announcement of the Realisation
Price
|
4
September
|
|
Cheque
payments expected to be despatched and CREST payments expected to
be made in respect of Elected Shares which have been placed or
purchased and bought back
|
11
September
|
|
Annual
General Meeting
|
18
September
|
|
If
Realisation Shares are required to be created:
|
|
|
Reorganisation
Date
|
25
September
|
|
Announcement
of 2024 Realisation Opportunity overall outcome
|
25
September
|
|
Balance
share certificates despatched by post
|
in the
week commencing 30 September
|
The times
and dates set out in the expected timetable of events above and
mentioned throughout the Annual Report and the Document may be
adjusted by the Company, in which event details of the new times
and dates will be announced through a Regulatory Information
Service as promptly as practicable and in such cases, the times,
dates and definitions mentioned in relation to the 2024 Realisation
Opportunity herein shall be deemed to be adjusted
accordingly.
All
references to time in this document are to UK time.
Additional
notes
In the
event that a material number of Elections are made, and not all
Elected Shares can be placed in the market or purchased by the
Broker, acting as principal, and then bought back by the Company,
unplaced/unpurchased Elected Shares may, subject to the "£30m NAV
Threshold Condition" described in the Document and in accordance
with the Document and the Articles, be re-designated as Realisation
Shares with effect from 25 September
2024.
In the
event that unplaced/unpurchased Elected Shares are-designated as
Realisation Shares, application would be made to admit the
Realisation Shares to trading on the London Stock Exchange but as
this may involve, inter alia, the publication of a prospectus
required to be approval by the FCA, it is expected that it will
take up to 60 days (from the Reorganisation Date) for the
Realisation Shares to be admitted to trading and during this period
the Realisation Shares will not be tradable.
Capitalised
terms used in this announcement have the meanings given to them in
the Document.
For
further information please contact:
Kerstin Rucht
Frostrow
Capital LLP
Company
Secretary
020 3709
8732
Nathan Brown / Matt
Goss
Deutsche
Numis
Corporate
Broker
020 7260
1000
