Independent Investment Trust PLC Result of Meeting (7768E)

TIDMIIT

RNS Number : 7768E

Independent Investment Trust PLC

31 October 2022

THE INDEPENDENT INVESTMENT TRUST PLC (the "Company") (IIT)

Results of First General Meeting and Results of Elections

Results of First General Meeting

In connection with the proposals for a combination of the assets of the Company with The Monks Investment Trust PLC ("Monks") by means of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 (the "Scheme"), the Board is pleased to announce that the special resolutions, which were put forward at the First General Meeting held today, have been approved by Shareholders.

Details of the number of proxy votes cast for, against and withheld in respect of the resolutions are set out below and will also be published on the Company's website: www.independentinvestmenttrust.co.uk.

 
       Resolution Number             Votes For        %       Votes       %        Votes      % Issued     Votes 
                                     (including               Against              Total        Share     Withheld 
                                   Discretionary)                                              Capital 
      1. To approve 
       the reclassification 
       of the shares 
       in the capital 
       of the Company 
       as shares with 
       "A" rights and 
       shares with "B" 
       rights and to 
       approve changes 
       required to the 
       Company's articles 
       of association. 
 
 
       2. To approve 
       (i) the Scheme;              31,785,073      99.97     7,980     0.03    31,793,053     61.25       2,820 
       (ii) the implementation 
       of the Scheme; 
       (iii) the changes 
       required to be 
       made to the Company's 
       articles of association 
       in order to implement 
       the Scheme; and 
       (iv) to grant 
       certain powers 
       to the proposed 
       liquidators.                  31,785,073      99.97     7,980     0.03    31,793,053     61.25      2,820 
                                 ----------------  -------  ---------  ------  ------------  ---------  ----------

The full text of the special resolutions can be found in the notice of First General Meeting contained in the Company's circular to Shareholders dated 6 October 2022 (the "Circular"). The Circular is available for viewing at the National Storage Mechanism which can be located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website at www.independentinvestmenttrust.co.uk.

Results of Elections

The Company received the following elections (including deemed elections) in connection with the Scheme:

   --      Rollover Option: 38,103,327 Shares 
   --      Cash Option: 13,803,535 Shares

In accordance with the Scheme, eligible Shareholders that made no election have been deemed to have elected for the Rollover Option. Accordingly, 73.4 per cent. of the Company's Shares will rollover into Monks, with the balance taking the Cash Option.

Therefore, the Shares will be reclassified as follows:

   --      38,103,327 Shares with "A" rights, being the right to receive New MNKS Shares; and 
   --      13,803,535 Shares with "B" rights, being the right to receive cash.

The amendment to the listing of the Shares has been requested and dealings in the Reclassified Shares are expected to commence at 8:00 a.m. on 7 November 2022. The listing and dealings in Reclassified Shares is subsequently expected to be suspended at 7:30 am on 8 November 2022.

Pre-liquidation interim dividend

As announced on 6 October 2022, a pre-liquidation interim dividend of 9.0 pence per Share will be paid on 4 November 2022 to Shareholders on the register on 14 October 2022.

Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.

Enquiries:

 
 The Independent Investment Trust 
  PLC                                +44 (0) 131 558 9434 
 Douglas McDougall 
 J.P. Morgan Cazenove                +44 (0) 207 742 4000 
 William Simmonds 
 Rupert Budge

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October 31, 2022 10:02 ET (14:02 GMT)

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