Invesco Perpetual UK Smaller Co's Investment Trust Plc - Result of Special Dividend Offer

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

Invesco Perpetual UK Smaller Companies Investment Trust PLC

Result of Special Dividend Offer

 

Further to its announcement of 20 August 2024, the Board of Invesco Perpetual UK Smaller Companies Investment Trust PLC (the "Company") announces that the Special Dividend will be £4.8485 per Share, which represents 97.5 per cent. of the Net Asset Value per Share (rounded down to four decimal places), calculated in accordance with the terms of the Special Dividend Offer described in the circular published by the Company on 19 July 2024 (the "Circular").

The Company received valid elections to receive the Special Dividend on 12,450,915 Shares. This represents 36.8 per cent. of the Company's issued ordinary share capital (excluding treasury shares) as at the Special Dividend Record Date. As this percentage exceeds the aggregate 10 per cent. cap under the Special Dividend Offer, the Company has scaled back elections in accordance with the process described in the Circular.

Following scaling back:

• Each Shareholder who validly elected to receive the Special Dividend on a number of Shares that is equal to or less than their Basic Entitlement (being such number of Shares, rounded down to the nearest whole number, as represents 10 per cent. of the Shares they held as at the Special Dividend Record Date) will have their election satisfied in full.
• Each Shareholder who validly elected to receive the Special Dividend on a number of Shares greater than their Basic Entitlement will receive the Special Dividend on such number of Shares as is equal to their Basic Entitlement plus approximately 7.0 per cent. of their Individual Excess Election (rounded down to the nearest whole number of Shares).

In aggregate, the Company will pay the Special Dividend on 3,382,648 Shares[1]. Accordingly, the total amount to be paid by way of Special Dividend will be £16.4 million.

As described in the Circular, the Shares on which the Special Dividend is paid will be cancelled for no payment pursuant to the Reduction of Capital. Assuming no Shares are issued or repurchased by the Company between now and the Reduction of Capital Effective Date, the total number of Shares remaining in issue after the payment of the Special Dividend and Reduction of Capital will be 30,444,281 Shares (excluding treasury shares). The Company currently holds 19,382,155 Shares in treasury.

The implementation of the Special Dividend Offer remains conditional on the Court's approval of the Reduction of Capital, the hearing for which is scheduled for 24 September 2024. An announcement of the results of the Court hearing will be made once known.

Capitalised terms used in this announcement shall have the meaning given to them in the Circular.

 

Expected Timetable

All references are to London time unless otherwise stated.

Each of the times and dates in the expected timetable of events may be extended or brought forward without further notice. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through an RIS.

* These dates are provisional only. The exact dates may vary depending on the Court timetable for the Reduction of Capital.

 

For further information, please contact:

 

James Poole / Naomi Rogers

For and on behalf of Invesco Asset Management Limited

Corporate Secretary to Invesco Perpetual UK Smaller Companies Investment Trust plc

Email: investmenttrusts@invesco.com

+44 (0) 20 7543 3559

 

Will Ellis / John Armstrong-Denby

Invesco Asset Management

+44 (0)20 7543 3500

 

William Simmonds / Rupert Budge

J.P. Morgan Cazenove

+44 (0)20 3493 8000

 

18 September 2024

LEI: 549300K1D1P23R8U4U50