TIDMINV
RNS Number : 1809C
Investment Company PLC
09 June 2023
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY EEA
STATE OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE OF THIS
ANNOUNCEMENT.
This announcement is an advertisement for the purposes of the
Prospectus Regulation Rules of the UK Financial Conduct Authority
(the "FCA") and does not constitute a prospectus. Investors should
not subscribe for or purchase any shares referred to in this
announcement except on the basis of information contained in the
prospectus expected to be published by The Investment Company plc
(the "Prospectus") in due course (and any supplementary prospectus)
and not in reliance on this announcement. Any approval of the
Prospectus by the FCA should not be understood as an endorsement of
the securities that are the subject of the Prospectus. Potential
investors should read the Prospectus when published and in
particular the risk factors set out therein before making an
investment decision in order to fully understand the potential
risks and rewards associated with the decision to invest in the
Company's securities. This announcement does not constitute, and
may not be construed as, an offer to sell or an invitation or
recommendation to purchase, sell or subscribe for any securities or
investments of any description, or a recommendation regarding the
issue or the provision of investment advice by any party. Copies of
the Prospectus when published will, subject to certain access
restrictions, be made available for viewing at the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's website
(https://theinvestmentcompanyplc.co.uk/).
The information contained within this announcement is considered
by The Investment Company plc to constitute inside information
pursuant to Article 7 of EU Regulation No. 596/2014 as it forms
part of domestic law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be
considered to be in the public domain.
9 June 2023
The Investment Company plc
(the "Company")
LEI: 2138004PBWN5WM2XST62
Update regarding Proposals
Further to its announcement on 30 March 2023, the Board of The
Investment Company plc is pleased to announce that the Company
shortly expects to publish a circular addressed to the Company's
Shareholders to explain the rationale, and seek the required
Shareholder approval, for the proposed:
(i) appointment of Chelverton Asset Management Limited
("Chelverton") as external investment manager to the Company;
(ii) amendment to the Company's investment objective and policy
in order to maximise capital growth over the long term by investing
in high quality Small and Mid-cap Companies listed on the Main
Market, AQSE and AIM;
(iii) Tender Offer for up to 100% of the Company's issued share
capital so as to provide those Shareholders who wish to do so with
a liquidity opportunity at a price reflective of the NAV of the
Company;
(iv) Issue, comprising a Placing, Offer for Subscription and
Intermediaries Offer, of up to 6 million Ordinary Shares to allow
existing Shareholders and new investors to acquire Ordinary Shares
in the capital of the Company;
(v) appointment of David Horner as a non-independent non-executive Director;
(vi) amendment to the Company's articles of association in
relation to the timing of the Company's next continuation vote;
(vii) sub-division of the Company's Ordinary Shares with a
nominal value of GBP0.50 each into ordinary shares with a nominal
value of GBP0.10 each, following Completion of the Tender Offer and
the Issue; and
(viii) cancellation of the amounts standing to the credit of the
Company's share premium account and capital redemption reserve in
order to increase the Company's distributable reserves to fund the
Tender Offer in full,
(together, the "Proposals").
The Company is also intending to publish a Prospectus in
connection with the Proposals.
The Proposals are subject to Shareholder approval and the
Directors intend to convene a general meeting at which 3
resolutions will be proposed. Resolutions 1 and 2 will seek
approval for the cancellation of the Company's share premium
account and capital redemption reserve. Resolution 3 will seek
approval for the amendment to the Company's investment objective,
the amendment to the Company's articles of association, the
repurchase by the Company of Ordinary Shares pursuant to the Tender
Offer, the allotment of Ordinary Shares otherwise than on a
pre-emptive basis for the purposes of the Issue and the subsequent
sub-division of Ordinary Shares. As the Proposals set out in
Resolution 3 will be inter-conditional, Shareholder approval is
being sought by way of a single resolution. The Proposals are also
subject to the satisfaction of certain conditions including, in
particular, the "Minimum Participation Condition" (being that the
Company receives valid tender requests pursuant to the Tender Offer
up to an amount which, taken together with valid commitments
received by the Company to purchase or subscribe for Ordinary
Shares pursuant to the Placing, would result in the Company having
sufficient distributable reserves to implement the Tender Offer).
The Minimum Participation Condition will be calculated based on the
Company's position immediately following the completion of the
Proposals and therefore following the Company's proposed
cancellation of its share premium account and capital redemption
reserve (if approved by Shareholders and the Court).
If Shareholder approval is not obtained and/or the conditions
(including the Minimum Participation Condition) are not satisfied,
the Proposals will not proceed and the Company is expected to be
wound up at or before the Company's 2023 annual general meeting as
outlined in the Company's half-year report for the period ended 31
December 2022.
A further announcement will be made upon publication of the
Circular and Prospectus.
Background to the Proposals
On 4 November 2020, Shareholders approved a new investment
objective to protect the purchasing power of the Company's capital
in real terms. Following this, the Board disposed of the Company's
portfolio of preference shares, fixed-income securities and other
income-oriented investments and made investments in companies which
demonstrated good financial health and avoided unnecessary risk.
The remainder of the Portfolio was kept in the form of gold
bullion.
Whilst the Board is satisfied with the Company's performance
since 2020, it has, however, been mindful for some time of the size
of the Company, together with the illiquid nature of the Ordinary
Shares, and the impact of these factors on the discount to NAV at
which the Ordinary Shares trade, which has persisted despite the
performance. Accordingly, the Board announced in February 2023 that
it was actively considering credible opportunities to grow the size
and increase the liquidity of the Company while also providing an
immediate complete liquidity option for all Shareholders who wish
to realise their shareholding.
Benefits of the Proposals
The Proposals are the result of a detailed review of the options
available to the Company. The Board believes that the Proposals
will provide Shareholders with the opportunity to remain in a
vehicle managed by an award-winning asset manager with a strong
track record of creating value for its investors whilst increasing
investment funds size. For those Shareholders who wish to realise
their investment, the Proposals enable Shareholders to receive a
full cash alternative (through a process which is comparable in
terms of cost, but more timely, than a liquidation of the
Company).
In particular, the Proposals are intended to offer the following
benefits to Shareholders:
-- the option to continue their investment in the Company and to
benefit from the expertise of Chelverton, an award-winning asset
manager with a strong record of creating value for its investors,
as the Proposed Manager of the Company with a new investment
objective and policy;
-- the expertise of David Horner, the founder of Chelverton, who
has 30 years' experience specialising in UK small to mid-cap quoted
investments and SME unquoted investments, as a member of the
Board;
-- a medium-term objective of growing the size of the Company,
which it is intended will increase the liquidity of the Ordinary
Shares and narrow the discount at which the Ordinary Shares
currently trade; and
-- the opportunity for Shareholders who no longer wish to remain
invested in the Company to realise their investment, in whole or in
part, at the Tender Price.
In light of the above, the Board considers that implementing the
Proposals is in the best interests of the Company and the
Shareholders as a whole.
Appointment of Chelverton Asset Management Limited
Conditional on, and with effect from, Completion of the Tender
Offer, the Company has appointed Chelverton to provide portfolio
advice and day-to-day portfolio management services, including the
origination and evaluation of investment opportunities and the
execution of transactions.
Chelverton commenced trading in 1998 and was formed by David
Horner, who has considerable experience of analysing investments
and working with smaller companies. Chelverton is largely owned by
its employees. Chelverton is a specialist fund manager, focused on
UK Small and Mid-cap Companies, and has a successful track
record.
As at the Latest Practicable Date, the Proposed Manager had
total funds under management of approximately GBP1.53 billion,
including two investment trusts and three OEICs.
The MI Chelverton UK Equity Growth Fund (an open-ended fund) has
a similar investment policy to the Company's proposed investment
policy. MI Chelverton UK Equity Growth Fund looks to achieve
long-term capital growth by investing primarily in a portfolio of
UK Small and Mid-cap Companies listed on the Main Market and
AIM.
The following table shows the investment performance record of
the MI Chelverton UK Equity Growth Fund NAV total return data
relative to IA UK All Companies funds (being funds which invest at
least 80 per cent. of their assets in UK equities with the primary
objective of achieving capital growth) and the Numis Smaller
Companies Plus AIM Ex Investment Trusts (which covers all stocks
making up the smallest 10 per cent. by value of the UK fully listed
equity market excluding investment trusts).
Since
1 year 3 years 5 years launch
----------------------------- ------- ------- ------- -------
Chelverton UK Equity Growth
Fund -8.0% 31.9% 49.5% 222.1%
Numis Smaller Companies plus
AIM ex Inv Trust -7.5% 17.2% 12.0% 65.3%
IA Sector - UK All Companies 3.1% 19.8% 19.7% 64.6%
Sector ranking 203/222 34/214 7/204 1/183
Quartile 4 1 1 1
----------------------------- ------- ------- ------- -------
Changes to the investment objective and policy
In connection with the appointment of the Proposed Manager and
its strategy, the Board proposes to change the investment objective
and policy, in order to maximise capital growth over the long term
by investing in high quality quoted Small and Mid-cap
Companies.
A full comparison of the existing and proposed investment
objectives and policies of the Company will be set out in the
Circular.
The amendment to the Company's investment objective and policy
requires the approval of Ordinary Shareholders by ordinary
resolution in accordance with the Listing Rules. As the Proposals
(other than the cancellation of the Company's share premium account
and capital redemption reserve) are inter-conditional, Shareholder
approval for the changes to the investment objective and policy
will be sought by tabling Resolution 3 at the General Meeting,
which will be proposed as a special resolution.
Details of the Tender Offer
The Company is proposing a Tender Offer to be made for up to 100
per cent. of the Ordinary Shares in issue on the Tender Offer
Record Date (excluding treasury Ordinary Shares) at the Tender
Price to enable those Qualifying Shareholders who wish to realise
their investment in the Company to do so (in whole or in part).
The price at which Qualifying Shareholders may tender their
Ordinary Shares is not known at this date and will be calculated
based on the Post-Completion NAV once the results of the Issue and
the Tender Offer are known. The Post-Completion NAV will be
calculated using the NAV on the Calculation Date, adjusted by
adding: (i) the proceeds of new Ordinary Shares issued pursuant to
the Placing, Offer for Subscription and Intermediaries Offer; less
(ii) any payment made by the Company to repurchase Ordinary Shares
pursuant to the Tender Offer; and less (iii) the Transaction Costs.
The Tender Price will be equal to the Post-Completion NAV divided
by the number of Ordinary Shares in issue following Completion of
the Tender Offer and the Issue.
The Transaction Costs will be shared amongst the pools of
capital value represented by Tendering Shareholders, Remaining
Shareholders and Incoming Shareholders, each as a proportion of the
NAV on the Calculation Date.
The Tender Price will be determined as at the Calculation Date,
which is expected to be 18 July 2023. As at the close of business
on 7 June 2023 (being the Latest Practicable Date), the Tender
Price would have been 349.80 pence (rounded to two decimal places)
as at that date, on the assumption that 70 per cent. of existing
Shareholders participate in the Tender Offer and demand for
Ordinary Shares pursuant to the Issue equates to GBP10 million.
As at the close of business on 7 June 2023 (being the Latest
Practicable Date), the mid-market price of the Ordinary Shares on
the London Stock Exchange was 340.00 pence and the most recently
announced NAV per Ordinary Share was 357.06 pence (rounded to two
decimal places). Accordingly, the Tender Price would have
represented a premium of 2.9 per cent. to the mid-market price on
such date and a discount of 2.0 per cent. to the most recently
announced NAV.
None of the continuing Directors intend to tender of their
Ordinary Shares pursuant to the Tender Offer.
The Tender Offer is not being made to Shareholders who are
resident in, or citizens of, Restricted Territories. In particular,
Restricted Shareholders are being excluded from the Tender Offer in
order to ensure compliance with applicable local laws relating to
the implementation of the Tender Offer.
Details of the Issue
The Company is implementing the Issue of up to 6 million
Ordinary Shares by way of a Placing, an Offer for Subscription and
an Intermediaries Offer.
The price at which the Company will issue new Ordinary Shares
pursuant to the Issue will be the NAV per Ordinary Share (before
deducting any accrued or paid Transaction Costs) on the Calculation
Date. The Issue Price will be notified to Shareholders and
investors by way of RIS as soon as is practicable after the
Calculation Date.
The Issue is being undertaken in conjunction with the Tender
Offer. Pursuant to the Tender Offer, where there are investors
willing to acquire Ordinary Shares, all or some of the Ordinary
Shares which are the subject of acceptances by Tendering
Shareholders will not be repurchased by the Company pursuant to the
Repurchase Agreement but instead shall be sold to Incoming
Shareholders pursuant to the Placing by way of a Matched Bargain
Facility. To the extent that the Company receives commitments from
investors to acquire Ordinary Shares under the Placing in excess of
the number of Ordinary Shares available to purchase from Tendering
Shareholders, such excess demand shall be satisfied by the issue of
new Ordinary Shares. Investors may also subscribe for new Ordinary
Shares pursuant to the Offer for Subscription and/or the
Intermediaries Offer.
The Directors intend to use the net proceeds of the Issue to
acquire investments in accordance with the Company's proposed new
investment objective and investment policy. It is expected that the
net proceeds of the Issue will be substantially invested within one
month of Admission.
Proposed Manager Participation
The Proposed Director and the following employees of the
Proposed Manager or members of their family intend to subscribe for
Ordinary Shares with an aggregate value of approximately GBP1.5
million pursuant to the Issue
Smaller Related Party Transaction
David Horner's participation will be regarded as a smaller
related party transaction under the Listing Rules and a separate
announcement will be made upon completion of the Issue.
Notice of GM
A notice convening a General Meeting of the Company will be set
out at the end of the Circular. The General Meeting has been
convened for 11.00 a.m. on 26 June 2023 at the offices of
Stephenson Harwood LLP, 1 Finsbury Circus, London, EC2M 7SH.
Further details of the Proposals will be set out in the
Prospectus. When published, a copy of the Prospectus will be
submitted to the National Storage Mechanism and will shortly
thereafter be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . A copy of
the Prospectus and Circular will, when published, be available on
the Company's website at https://theinvestmentcompanyplc.co.uk/ .
Full details of the Terms and Conditions of the Tender Offer and
the Issue will be made available in the Circular and the
Prospectus.
Capitalised terms used but not defined in this announcement
shall have the meanings set out in the Prospectus.
Expected Timetable
Issue 2023
Publication of the Circular, the Prospectus on or around 9 June
and the Issue opens
Latest time and date for receipt of Forms 11.00 a.m. on 22 June
of Proxy for the General Meeting
General Meeting 11.00 a.m. on 26 June
Latest time and date for receipt of Tender 11.00 a.m. on 14 July
Forms and TTE Instructions in CREST for
the Tender Offer
Latest time and date for receipt of completed 11.00 a.m. on 14 July
applications in respect of the Offer for
Subscription
Latest time and date for receipt of completed 1.00 p.m. on 14 July
applications from the Intermediaries in
respect of the Intermediaries Offer
Latest time and date for commitments under 5.00 p.m. on 14 July
the Placing
Tender Offer Record Date to participate 6.00 p.m. on 14 July
in the Tender Offer
Announcement of the results of the Tender 17 July
Offer and the Issue (subject to the passing
of the Resolutions at the General Meeting)
Calculation Date 6.00 p.m. on 18 July
Announcement of the Tender Price and Issue 19 July
Price and confirmation of the cancellation
of the share premium account and capital
redemption reserve, if approved, by the
Court
Repurchase of Ordinary Shares pursuant 26 July
to the Tender Offer and issue of Ordinary
Shares pursuant to the Issue
Admission and dealings in new Ordinary 8.00 a.m. on 26 July
Shares commence
CREST accounts credited with uncertificated 26 July
Ordinary Shares in respect of the Issue
Where applicable, definitive Ordinary 31 July
Share certificates in respect of the Ordinary
Shares issued pursuant to the Issue despatched
by post in the week commencing*
* Underlying Applicants who apply to Intermediaries for Ordinary
Shares under the Intermediaries Offer will not receive Ordinary
Share certificates.
The dates and times specified in the timetable above are subject
to the passing of the Resolutions at the General Meeting and the
satisfaction of the Continuation Conditions and are subject to
change without further notice. All references to times in this
Prospectus are to London time unless otherwise stated. Any changes
to the expected Issue timetable will be notified by the Company
through a Regulatory Information Service.
Enquiries
The Investment Company
Ian Dighé, Chairman +44 (0) 20 3934 6630
info@theinvestmentcompanyplc.co.uk
Singer Capital Markets - Corporate
Broker +44 (0)20 7496 3000
James Moat / Alex Bond / James
Fischer
ISCA Administration Services
Limited
Company Secretary +44 (0) 1392 487056
IMPORTANT NOTICES
This announcement is an advertisement and does not constitute a
prospectus and investors must subscribe for or purchase any shares
referred to in this announcement only on the basis of information
contained in the Prospectus expected to be published by the Company
in due course (and in any supplementary prospectus) and not in
reliance on this announcement. This announcement does not
constitute, and may not be construed as, an offer to sell or an
invitation to purchase investments of any description or a
recommendation regarding the issue or the provision of investment
advice by any party. No information set out in this announcement is
intended to form the basis of any contract of sale, investment
decision or any decision to purchase shares in the Company.
The information in this announcement is for background purposes
only and does not purport to be full or complete. No reliance may
be placed for any purpose on the information contained in this
announcement or its accuracy or completeness. The material
contained in this announcement is given as at the date of its
publication (unless otherwise marked) and is subject to updating,
revision and amendment. In particular, any proposals referred to
herein are subject to revision and amendment.
Each of Singer Capital Markets Advisory LLP (the "Sponsor") and
Singer Capital Markets Securities Limited ("SCM Securities") is
authorised and regulated in the United Kingdom by the FCA.
References in this document to "Singer Capital Markets" are
references to either the Sponsor or SCM Securities or both of them,
as appropriate. Singer Capital Markets is acting exclusively for
the Company and for no-one else in connection with the matters
described in this announcement and will not be responsible to
anyone other than the Company for providing the protections
afforded to the clients of Singer Capital Markets, nor for
providing advice in relation to any of the matters referred to in
this announcement.
The Ordinary Shares have not been and will not be registered
under the United States Securities Act of 1933 (as amended) (the
"US Securities Act") or with any securities regulatory authority of
any state or other jurisdiction of the United States, and may not
be offered or sold within the United States or to, or for the
account or benefit of, US Persons (as defined in Regulation S under
the US Securities Act ("Regulation S")), except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and in
compliance with any applicable securities laws of any state or
other jurisdiction in the United States. In addition, the Company
has not been and will not be registered under the United States
Investment Company Act of 1940, (as amended) (the "US Investment
Company Act"), and recipients of the Prospectus will not be
entitled to the benefits of that Act.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. No public offering of securities is being made in
the United States.
The offer and sale of Ordinary Shares has not been and will not
be registered under the applicable securities laws of any Member
State of the EEA, Canada, Japan or the Republic of South Africa.
Subject to certain exemptions, the Ordinary Shares may not be
offered to or sold within any Member State of the EEA, Canada,
Japan or the Republic of South Africa or to any national, resident
or citizen of any Member State of the EEA, Canada, Japan or the
Republic of South Africa. Neither the Company nor Singer Capital
Markets, nor any of their respective representatives, is making any
representation to any offeree or purchaser of the Ordinary Shares
regarding the legality of an investment in the Ordinary Shares by
such offeree or purchaser under the laws applicable to such offeree
or purchaser. Each investor should consult with his or her own
advisers as to the legal, tax, business, financial and related
aspects of a purchase of the Ordinary Shares.
The value of shares and the income from them is not guaranteed
and can fall as well as rise due to stock market and currency
movements. When you sell your investment you may get back less than
you originally invested. Figures refer to past performance and past
performance should not be considered a reliable indicator of future
results. Returns may increase or decrease as a result of currency
fluctuations.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "may", "might", "will" or
"should" or, in each case, their negative or other variations or
similar expressions. All statements other than statements of
historical facts included in this announcement, including, without
limitation, those regarding the Company's financial position,
strategy, plans, proposed investments and objectives, are
forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties and, accordingly, the Company's actual future
financial results and operational performance may differ materially
from the results and performance expressed in, or implied by, the
statements. These factors include but are not limited to those
described in the Prospectus. These forward-looking statements speak
only as at the date of this announcement and cannot be relied upon
as a guide to future performance. Subject to their respective legal
and regulatory obligations (including under the Prospectus
Regulation Rules), the Company, the Proposed Manager and Singer
Capital Markets expressly disclaim any obligations or undertaking
to update or revise any forward-looking statements contained herein
to reflect any change in expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based unless required to do so by law or any
appropriate regulatory authority, including FSMA, the Listing
Rules, the Prospectus Regulation Rules, the Disclosure Guidance and
Transparency Rules, the UK Prospectus Regulation and UK MAR.
None of the Company, the Proposed Manager, Singer Capital
Markets, or any of their respective affiliates, accepts any
responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to this
announcement, including the truth, accuracy or completeness of the
information in this announcement (or whether any information has
been omitted from the announcement) or any other information
relating to the Company or associated companies, whether written,
oral or in a visual or electronic form, and howsoever transmitted
or made available or for any loss howsoever arising from any use of
the announcement or its contents or otherwise arising in connection
therewith. The Company, the Proposed Manager, Singer Capital
Markets, and their respective affiliates, accordingly disclaim all
and any liability whether arising in tort, contract or otherwise
which they might otherwise have in respect of this announcement or
its contents or otherwise arising in connection therewith.
Information to distributors
Solely for the purposes of the product governance requirements
contained within: (a) the UK's implementation of EU Directive
2014/65/EU on markets in financial instruments, as amended ("UK
MiFID II") and (b) the UK's implementation of Articles 9 and 10 of
Commission Delegated Directive (EU) 2017/593 supplementing UK MiFID
II, and in particular Chapter 3 of the Product Intervention and
Product Governance Sourcebook of the FCA (together, the "MiFID II
Product Governance Requirements"), and disclaiming all and any
liability whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the Ordinary
Shares have been subject to a product approval process, which has
determined that such securities are: (i) compatible with an end
target market of retail investors and investors who meet the
criteria of professional clients and eligible counterparties, each
as defined in UK MiFID II; and (ii) eligible for distribution
through all distribution channels as are permitted by UK MiFID II
(the "Target Market Assessment").
Notwithstanding the Target Market Assessment, distributors (such
term to have the same meaning as in the MiFID II Product Governance
Requirements) should note that: the market price of the Ordinary
Shares may decline and investors could lose all or part of their
investment; the Ordinary Shares offer no guaranteed income and no
capital protection; and an investment in the Ordinary Shares is
compatible only with investors who do not need a guaranteed income
or capital protection, who (either alone or in conjunction with an
appropriate financial or other adviser) are capable of evaluating
the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom.
The Target Market Assessment is without prejudice to the
requirements of any contractual, legal or regulatory selling
restrictions in relation to the Issue.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of UK MiFID II; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take
any other action whatsoever with respect to the Ordinary Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Ordinary Shares and determining
appropriate distribution channels.
Key information document
In accordance with the UK PRIIPs Regulation, the Company has
prepared a Key Information Document (the "KID") in respect of the
Ordinary Shares and made it available at
https://theinvestmentcompanyplc.co.uk. The UK PRIIPs Regulation
requires that the KID is made available to "retail investors" prior
to them making an investment decision in respect of the Ordinary
Shares. If you are distributing Ordinary Shares, it is your
responsibility to ensure the KID is provided to any relevant
clients.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSSIEFAEDSEEM
(END) Dow Jones Newswires
June 09, 2023 02:05 ET (06:05 GMT)
Investment (LSE:INV)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Investment (LSE:INV)
Gráfica de Acción Histórica
De May 2023 a May 2024