RNS Number : 9075A

Edinburgh Investment Trust PLC

28 September 2022




7.75% Debenture Stock 2022 (the "Debenture Stock") ISIN code: GB0000401033

The Directors of Edinburgh Investment Trust (the "Company") announced on 30 September 2021 that its GBP100m 7.75% debenture would be repaid on 30 September 2022 (the "Redemption Date") in accordance with the Trust Deed to the Debenture dated 30 May 1997 between the Company and Royal Exchange Trust Company (the "Trustee").

The Debenture Stock will be fully redeemed at par together with any interest accrued to (and including) the Redemption Date. Accordingly, the Debenture Stock ISIN will be disabled for settlement in CREST at 5pm on 29 September 2022 and all redeemed Debenture Stock will be cancelled along with its listing on the Official List of the UK Listing Authority.

As the Company has previously announced, GBP100m of refinancing has been arranged to replace the maturing debenture. This will go onto the Company's balance sheet this Thursday, 29 September 2022. Investors should note that the weighted average interest rate (which was negotiated in September 2021) on this new debt of 2.42% is significantly lower than the cost were the same borrowings to be arranged today. This in turn has an impact on the fair value of this debt when it goes on to the Company's balance sheet. The lower fair value of the debt is, all other things being equal, likely to result in an uplift in the daily fair value Net Asset Value for 29 September 2022 and thereafter. As an example, had the debt been drawn and included in the NAV as at close of business on 26 September 2022, the NAV (debt at fair; cum-income) would have been circa 26p (or 4.3%) higher.

The Company will continue with its practice of presenting NAV returns on a cum-income, debt at fair value basis.

If you have any questions regarding the redemption of or the cancellation of the listing of the Debenture Stock, please contact the Company's Registrar at:

Link Group, 10(th) Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom.

Alternatively, from within the UK you may call the Link Group helpline on 0371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. The helpline is open from 9.00am to 5.30pm, Monday to Friday (excluding UK public holidays). From outside the United Kingdom please call: +44 371 664 0300. Calls will be charged at the applicable international rate.

For and on behalf of

Sanne Fund Services (UK) Limited

Corporate Company Secretary


Edinburgh Investment Trust plc

   Elisabeth Stheeman (Chairman)     via Montfort below 

Liontrust Fund Partners LLP

   James Mowat                                    +44 20 3908 8822 

Investec Bank plc

   Tom Skinner                                       +44 20 7579 4000 

Sanne Fund Services (UK) Limited (Company Secretary)

   Brian Smith                                        +44 20 3327 9720 

Montfort Communications

   Gay Collins                                          +44 7798 626282 
   Shireen Farhana                                 +44 7757 299250 


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(END) Dow Jones Newswires

September 28, 2022 02:02 ET (06:02 GMT)

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