REG-New Star Investment Trust PLC New Star Investment Trust PLC: return of capital circular

New Star Investment TrustAnnouncement

21/06/2024 17:00

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   New Star Investment Trust PLC (NSI)
   New Star Investment Trust PLC: return of capital circular

   21-Jun-2024 / 16:47 GMT/BST

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   NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART IN, INTO
   OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
   CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICITON

    

   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

    

   21 June 2024

    

                         New Star Investment Trust PLC

                   Proposed return of capital to shareholders

    

   The Board of New Star Investment Trust PLC (the “Company”) is pleased to
   announce today a proposed return of capital of £17,045,687 to the holders
   of its ordinary shares (the “Shareholders”) by way of a B share scheme
   (the “B Share Scheme”) (the “Return of Capital”). A shareholder circular
   in respect of the Return of Capital is expected to be published on or
   around 28 June 2024 (the “Circular”), with a general meeting of the
   Shareholders to approve the Return of Capital expected to be held on 24
   July 2024 (the “General Meeting”).

    

   Return of Capital

    

   It is proposed that £17,045,687 will be returned to Shareholders by way of
   the B Share Scheme, which will involve the bonus issue of one new B share
   for each ordinary share held by Shareholders at 6 p.m. (London time) on 24
   July 2024 (the “Record Time”), which the Company will subsequently redeem
   for cash.

    

   The Return of Capital will be subject to Shareholder approval at the
   General Meeting, and customary conditions, including no material
   deterioration in market conditions or the financial position of the
   Company.

    

   If the Return of Capital is approved, the estimated proceeds will equate
   to 24 pence (£0.24) per existing ordinary share in the Company at the
   Record Time, and it is expected that Shareholders entitled to receive
   payments in respect of the proceeds of the redemption of the B shares will
   receive payment on or before 8 August 2024.

    

   Publication of the Circular

    

   Further details of the background to the proposal for the Return of
   Capital and the B Share Scheme (including mechanics, eligibility and
   proceeds) and the reasons why the Board recommends that Shareholders vote
   in favour of the resolutions to approve the Return of Capital, together
   with a notice of the General Meeting, will be set out in the Circular.

   The Circular is expected to be published on or around 28 June 2024 (and
   made available on the Company’s website (https://www.nsitplc.com/) and
   (where required) posted to Shareholders as soon as practicable
   thereafter), with the General Meeting expected to take place on 24 July
   2024 at 12:00 p.m. at the offices of the Company at 1 Knightsbridge Green,
   London SW1X 7QA.

   Timetable

    

   The expected timetable for the Return of Capital is as follows:

   Publication of the Circular                                   28 June 2024
   Latest time and date for receipt of Forms of Proxy,     12 p.m. on 22 July
   Proxymity or CREST electronic proxy appointments                      2024
   for the General Meeting
   Voting Record Date                                    6:30 p.m. on 22 July
                                                                         2024
   General Meeting                                         12 p.m. on 24 July
                                                                         2024
   Publication of the results of the General Meeting             24 July 2024
   Record Time                                              6 p.m. on 24 July
                                                                         2024
   B Shares issued equal to number of Ordinary Shares       7 a.m. on 25 July
   held at the Record Time                                               2024
   Expected redemption and cancellation of B Shares         8 a.m. on 25 July
                                                                         2024
   Ordinary Shares start trading ex-B Share                      25 July 2024
   entitlement (the “Ex-Date”)
   Despatch of payments to mandated accounts or
   cheques and CREST accounts credited in respect of         By 8 August 2024
   proceeds, if B Shares redeemed on 25 July 2024

    

   Notes:                                   
    1. The above times and/or dates may be subject to change and in the
       event of such change, the revised times and/or dates will be          
       notified to Shareholders by an announcement through a Regulatory
       Information Service.
    2. All references to times in the timetable are to London times.
    3. All events in the timetable following the holding of the General
       Meeting are conditional on the passing of the Resolutions at such
       meeting.
    4. Unless the counterparties specifically agree otherwise, a buyer of    
       the Company's Ordinary Shares ahead of the Ex-Date will assume the
       benefit to the B Shares and the seller would need to pass the
       benefit to the buyer, even if the seller is the recorded owner at
       the Record Date.
                                                                             

    

    

   Enquiries:

   Brompton Asset Management Limited
                                             + 44 (0) 207 045 0600
   John Jay
                                              
   Apex Fund  Administration  Services  (UK)
   Limited                                   Email:  1 cosec-uk@apexgroup.com

    

                               IMPORTANT NOTICES

    

   This announcement has been issued by and is the sole responsibility of New
   Star Investment Trust PLC. The information contained in this announcement
   is for background purposes only and does not purport to be full or
   complete. The information in this announcement is subject to change.

    

   The information contained within this announcement is deemed by New Star
   Investment Trust PLC to constitute inside information as stipulated under
   the Market Abuse Regulations (EU) No. 596/2014 (as it forms part of UK
   domestic law by virtue of the European Union (Withdrawal) Act 2018
   ("MAR"). On publication of this announcement via a Regulatory Information
   Service, such information is now considered to be in the public domain.
   For the purposes of MAR, the person responsible for releasing this
   announcement is Faith Pengelly of Apex Fund Administration Services (UK)
   Limited, the Company Secretary.

    

   This announcement is not intended to, and does not, constitute or form
   part of any offer, invitation or the solicitation of an offer to purchase,
   otherwise acquire, subscribe for, sell or otherwise dispose of, any
   securities pursuant to this announcement or otherwise.

    

   Overseas Shareholders

    

   The availability of this announcment to persons who are not resident in,
   or citizens or nationals of the United Kingdom, and the distribution of
   this announcement into jurisdictions other than the United Kingdom, may be
   restricted or affected by the laws of the relevant jurisdiction in which
   persons are located.

    

   This announcement is exclusively intended for persons who are not
   residents of, nor physically present in, the United States, Australia,
   Canada, Japan, New Zealand, the Republic of South Africa, and any other
   jurisdiction where the presence of this announcement in such jurisdiction
   would constitute a violation of the laws of such jurisdiction (“Restricted
   Jurisdictions”).

    

   This announcement is for information purposes only and does not constitute
   or form part of any offer to participate in any of the transactions
   described in this announcement in or from any Restricted Jurisdiction or
   any other jurisdiction in or from which, or to or from whom, such offer or
   invitation is unlawful. This announcement may not be, directly or
   indirectly, mailed, transmitted or otherwise forwarded, distributed, or
   sent in, into or from the United States or any other Restricted
   Jurisdiction, and any persons receiving this announcement must not mail or
   otherwise forward, distribute or send such document(s) in, into or from
   the United States or any other Restricted Jurisdiction. In addition,
   persons into whose possession this document comes should inform themselves
   about and observe any such restrictions or requirements. Any failure to
   comply with these restrictions or requirements may constitute a violation
   of the securities or other laws of such jurisdiction.

    

   No securities referred to in this announcement have been or will be
   registered under the US Securities Act of 1933, as amended (the “US
   Securities Act”), or the securities laws of any state of the United States
   or any Restricted Jurisdiction or any other jurisdiction, and none of the
   securities may be offered or sold in or into the United States except
   pursuant to an exemption from, or in a transaction not subject to, the
   registration requirements of the US Securities Act. There will be no
   public offering of any securities in the United States or any other
   Restricted Jurisdiction. None of this announcement nor any securities
   mentioned therein has been approved, disapproved or otherwise recommended
   by any US federal or state securities commission or any other regulatory
   authority, nor have such authorities passed upon or endorsed the merits of
   the transactions contemplated in this announcement nor confirmed the
   accuracy or determined the adequacy of this announcement. Any
   representation to the contrary is a criminal offence in the United States.

    

   If you are in any doubt about the contents of this announcement or the
   action you should take, you are recommended to seek your own financial
   advice immediately from your stockbroker, bank manager, fund manager,
   solicitor, accountant or other appropriate independent financial adviser
   duly authorised under the Financial Services and Markets Act 2000 if you
   are resident in the United Kingdom or, if not, from any appropriate
   authorised independent financial adviser.

    

   Neither the content of the Company's website (or any other website) nor
   the content of any website accessible from hyperlinks on the Company's
   website (or any other website) is incorporated into or forms part of this
   announcement.

    

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB0002631041
   Category Code:  MSCH
   TIDM:           NSI
   OAM Categories: 2.2. Inside information
                   3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   329583
   EQS News ID:    1930935


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:cosec-uk@apexgroup.com


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