Diverse Inc Trust Voluntary Redemption of Ordinary Shares
08 Abril 2021 - 05:06AM
UK Regulatory
TIDMDIVI
THE DIVERSE INCOME TRUST PLC (the "Company")
VOLUNTARY REDEMPTION OF ORDINARY SHARES
YOU DO NOT HAVE TO TAKE ANY ACTION IF YOU WISH TO RETAIN YOUR SHARES.
Under the Company's Articles of Association, the Company operates an annual
voluntary redemption facility through which shareholders may request the
redemption of all or part of their holding of redeemable Ordinary Shares of
0.1p each in the Company ("Ordinary Shares") for cash on 31 May in each year
(or on the last working day before this date).
There is no requirement for shareholders to take any action should they wish to
retain their Ordinary Shares. As at close of business on 6 April 2021, the
Ordinary Share price was 110.75p and the Net Asset Value (including current
period revenue) was 113.08p per Ordinary Share, so the Ordinary Shares were
trading at a 2.06% discount.
A redemption of Ordinary Shares may be subject to income tax and/or capital
gains tax. In particular, private shareholders that sell their shares via the
redemption mechanism could find they are subject to income tax on the gains
made on the redeemed shares rather than the more usual capital gains tax on the
sale of their shares in the market. However, individual circumstances vary, so
shareholders uncertain how to act are advised to consult their stockbroker,
accountant, tax adviser or other independent financial adviser.
The investment objective of the Company is to provide shareholders with an
attractive and growing level of dividends coupled with capital growth over the
long term. None of the Directors of the Company will be redeeming any of their
shares under the redemption facility this year.
Shareholders submitting valid requests for the redemption of Ordinary Shares
will have their shares redeemed at the Redemption Price which is calculated on
either of the following bases, at the absolute discretion of the Directors:
i. The Directors can elect to divide each of the Company's portfolio holdings
in proportion to the percentage of shareholders opting for redemption and
to place those shares in a Redemption Pool to be sold via the stock market.
When complete, the realisation proceeds after deduction of costs would be
distributed to shareholders pro rata. It should be noted that the
liquidation of a Redemption Pool can be expected to take some weeks or
months, and the final capital sum may not amount to the initial valuation
of the Redemption Pool; or
ii. If the percentage of Diverse Income Trust shares that opt for redemption is
a modest proportion of the Company the Directors can set a Redemption Price
that is equal to the Net Asset Value per Ordinary Share (including current
period revenue) (the "Dealing Value") prevailing on the last business day
prior to the Redemption Point.
The Directors may alternatively arrange for shares requested for Redemption to
be sold in the market at the Dealing Value, provided that the Dealing Value
obtainable is no less favourable to redeeming shareholders.
The Directors are minded to approve all redemption requests unless there are
exceptional reasons why this would be contrary to the interests of shareholders
as a whole.
The Directors of the Company have, within the terms of the Company's Articles
of Association, full discretion over the operation of the redemption facility
and the calculation of the Redemption Price.
Shareholders wishing to request the redemption of all or any of their Ordinary
Shares at the proposed Redemption Point should deliver to the Company's
Registrar a duly completed Redemption Request form, together with their share
certificate or transfer to escrow (TTE) instruction (in respect of shares held
in uncertificated form) in accordance with the timetable set out below.
Redemption Request forms are available on the Company's website; https://
www.diverseincometrust.com or from the Company's Registrar, Link Group on +44
(0) 371 664 0300 or by email at shareholder.services@linkgroup.co.uk. Calls are
charged at the standard geographic rate and will vary by provider. Calls
outside the United Kingdom will be charged at the applicable international
rate. The helpline is open between 9.00 am - 5.30 pm, Monday to Friday,
excluding public holidays in England and Wales. Please note that Link Group
cannot provide any financial, legal or tax advice and calls may be recorded and
monitored for security and training purposes.
The relevant dates for the May 2021 Redemption Point are outlined below:
29 April 2021 Latest date for receipt of Redemption Requests and
certificates for certificated shareholders
3.00 pm on 29 April 2021 Latest date and time for receipt of Redemption
Requests and TTE instructions for uncertificated
shares via CREST
5.00 pm on 28 May 2021 The Redemption Point
On or before 11 June 2021 Company to notify Redemption Price and dispatch
redemption monies; or
If the redemption is to be funded by way of a
Redemption Pool, Company to notify the number of
shares being redeemed. Notification of Redemption
Price and dispatch of redemption monies to take
place as soon as practicable thereafter
On or before 25 June 2021 Balance certificates to be sent to shareholders
(where applicable)
Further details of the redemption facility are set out in the Company's
Articles of Association or are available from the Company Secretary.
Defined terms in this announcement have the same meaning as set out in the
Articles of Association, a copy of which may be obtained from the Company
Secretary.
8 April 2021
LEI: 2138005QFXYHJM551U45
END
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