North Atlantic Smlr Co Inv Tst PLC Statement re Related Party Transaction (7993X)
02 Mayo 2019 - 1:00AM
UK Regulatory
TIDMNAS
RNS Number : 7993X
North Atlantic Smlr Co Inv Tst PLC
02 May 2019
North Atlantic Smaller Companies Investment Trust PLC
"Smaller related party" land sale
North Atlantic Smaller Companies Investment Trust PLC ("NASCIT")
holds a majority shareholding in Hampton Investment Properties
Limited ("HIPL").
HIPL has entered into a conditional sale agreement of land in
Cumbria, for a cash consideration of GBP1,200,000 (the "sale"), to
MJ Gleeson plc ("MJG"). The sale is conditional on the receipt of
satisfactory planning permission and the approval of a majority
vote of MJG shareholders.
NASCIT holds a minority interest in MJG. In addition,
Christopher Mills is an Executive Director and, together with his
close relatives and entities controlled by him, a substantial
shareholder of NASCIT. He is also an Executive Director of HIPL and
a Non-Executive Director of MJG.
The sale is deemed to be a "smaller related party" transaction
within Listing Rule 11.1.10R and this announcement is made in
accordance with Listing Rule 11.1.10R(2)(c).
The sale constitutes a substantial property transaction for MJG
under the Companies Act 2006. As such, the sale will only proceed
with the approval of a majority vote of MJG shareholders which will
be sought at the next AGM of MJG (planned for December 2019). In
addition, the sale is conditional on the receipt of satisfactory
planning permission.
2 May 2019
Enquiries:
North Atlantic Smaller Companies Investment Trust plc Tel: +44 (0)20 7640 3200
Christopher Mills Chief Executive Officer
Christopher Hart Chief Operating Officer
Winterflood Investment Trust Tel: +44 (0)20 3100 0000
Neil Langford
Rachael Tracy
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END
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