THIS ANNOUNCEMENT
CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018,
AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate release.
Downing
Strategic Micro-Cap Investment Trust plc (the "Company")
LEI
Number: 213800QMYPUW4POFFX69
Announcement of Third Special Interim
Dividend
Following the Company's portfolio update on 30
May 2024, it has been announced that the offer for FireAngel, one
of the Company's investee companies, has now gone unconditional in
all respects. In accordance with the Board's stated intention
of returning cash to shareholders, this makes it practical to
declare a further special dividend. The Board today has therefore
declared a third special interim dividend of 17.5 pence per share,
equivalent to, in aggregate, £8.0 million (the "Third Special Interim
Dividend").
The Third Special Interim Dividend
will be paid on 18 July
2024 to shareholders on
the Company's register of members at close of business on 28 June
2024. The Company's shares will go ex-dividend on 27
June 2024.
The Third Special Interim Dividend will result
in the Company having returned approximately 90.2 per cent. of the
Company's NAV as at 28 February 2024 (being the date on which
shareholders approved the managed wind-down of the Company) through
special dividends. The Board and Investment Manager expect the
remainder of the Company's portfolio to be realisable at least at
carrying value.
Following the payment of the Third Special
Interim Dividend, the Company will have net assets of less than
£4.6 million. Accordingly, after careful
consideration, the Board believes it is in shareholders' best
interests that the Company proceed to enter into members' voluntary
liquidation so as to return the remainder of its assets to
shareholders by the most efficient means possible. The Board is in
the process of exploring the possible options and the timetable for
such a liquidation and will update shareholders in due
course.
Hugh Aldous,
Chairman of the Company, commented:
"Having
pledged as a board, following shareholder approval, to carry out
members' wishes to wind down the company and return cash as
expeditiously and efficiently as we can, we are pleased to declare
this Third Special Interim Dividend of 17.5 pence per share. This
will mean that we have paid and declared for payment dividends of,
in aggregate, 59.5 pence per share since shareholders approved the
managed wind-down of the Company, which is approximately 90.2% of
the Company's NAV as at 28 February 2024. The remaining
assets should be realisable at their carrying values, or more in
current markets. The Investment Manager has done sterling work in
meeting the members' wishes."
For further
information, please contact:
Chairman
|
|
Hugh Aldous
|
Tel: 020 7416 7780
|
Dickson Minto
Advisers LLP
|
|
Douglas Armstrong
|
Tel: 020 7649 6823
|
Media Contacts
- Garfield Advisory
|
|
Andrew Garfield
|
Tel: 07974 982337
|
Jason Nisse
|
Tel: 07769 688618
|
The person responsible for arranging for the
release of this announcement on behalf of the Company is ISCA
Administration Services Limited, the Company Secretary.