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.
Downing
Strategic Micro-Cap Investment Trust plc (the "Company")
LEI
Number: 213800QMYPUW4POFFX69
Announcement of Fourth Special Interim
Dividend of 2.2p
As a result of the payment of the
Third Special Interim Dividend of 17.5p on 18 July 2024, the
Company has returned, in aggregate, 59.5p per share since 28
February 2024 (being the date on which Shareholders approved, at
the duly convened general meeting of the Company, the managed
wind-down of the Company where cash would be returned
promptly to shareholders in an orderly manner
while seeking to obtain the best achievable value for the Company's
investments at the time of their realisations).
This represents, approximately 90.2
per cent. of the Company's NAV as at 28 February 2024. The
Company now has assets of less than £5.2m of which £1.1m is in
cash.
Given the overwhelming support from Shareholders
for the managed wind down, the Board has today declared that a
further dividend of 2.2p per share (the
"Fourth Special Interim
Dividend") be paid on 23
August 2024 to
shareholders on the Company's register of members at close of
business on 2 August 2024. The Company's shares will go ex-dividend
on 1 August 2024.
This will amount to aggregate
dividends of 61.7 per share having been paid since Shareholders
approved a managed wind-down of the Company.
Following the payment of the Fourth
Special Interim Dividend, the Company's remaining portfolio is
expected to have a value of approximately £4m (a consequent NAV of
approximately 8p per share) after provision for liquidation fees.
The Board and Investment Manager expect that this remaining
portfolio will be able to be realised in an orderly manner at
carrying value and distributed to Shareholders by way of further
dividend payments as well as through the liquidation process which
is likely to occur later in the year subject to Shareholder
approval.
Hugh Aldous, Chairman of the Company,
commented:
"We urge Shareholders to protect their remaining interest in
cash distributions by voting against the proposals in the
requisition notice from Milkwood calling for a General Meeting on 5
August 2024. Shareholders have only a few days to ensure they
are able to vote against these proposals and allow us to complete
the task that you set us in February. As we have repeated several
times, if Milkwood wants to gain control of what is now a very
small company, they should make a bid for it and stop seeking
control on the cheap at Shareholders'
expense."
