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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 ("Ordinary Shares") for
cash, as described below. As set out in the Company's Annual
Report, published on 12 July 2024, it is anticipated that the next
Redemption Point for shareholders will be 5 November 2024, for
those shareholders who submit a valid redemption request by the
deadline on 1 October 2024.
The investment objective of the Company is to provide shareholders
with capital growth over the long term. The Directors of the
Company will be retaining their shares and they will not be
redeeming any of their Ordinary Shares under the redemption
facility this year.
There is no requirement for shareholders to take any action
should they wish to retain their Ordinary
Shares.
As at close of business on 30 August 2024, the Ordinary Share price
was 49.00p and the net asset value (including current period
revenue) was 54.00p per Ordinary Share, therefore the Ordinary
Shares were trading at a 9% discount.
A redemption of Ordinary Shares may be subject to income
tax and/or capital gains tax. In
particular, shareholders who sell their shares via the redemption
mechanism could find they may be 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. Individual
circumstances do vary, however, so shareholders who are in any
doubt about the redemption or the action required to be taken
should consult their stockbroker, accountant, tax adviser or other
independent financial adviser.
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:
I.
The Directors may elect to divide each of the Company's portfolio
holdings in proportion to the percentage of shareholders opting for
redemption and set them aside 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 Shareholders that opt for redemption of their
shares 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 elect, at their absolute discretion, to calculate
the Redemption Price on EITHER OF the bases set out above, or
ALTERNATIVELY the Company may arrange for such shares to be sold in
the market at the PREVAILING Dealing Value (subject to the
Directors' discretion). The Directors are minded to approve all
redemption requests unless there are exceptional reasons why this
would be contrary to the interests of all shareholders.
The Directors of the Company have full discretion over the
operation of the redemption facility and the calculation of the
Redemption Price.
Certificated
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
Form, together with their share certificate, in accordance with the
timetable set out below.
CREST
shareholders wishing to request the redemption of all or any of
their Ordinary Shares at the proposed Redemption Point should duly
complete a TTE (Transfer to Escrow) instruction in accordance with
the timetable set out below.
Redemption
Forms are available from the Company's website
at https://www.mitonukmicrocaptrust.com/ or
from the Company's Registrar, Link Group, on +44
(0) 371 664 0300 or
by email at
shareholderenquiries@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 9.00am
to 5.30pm, 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.
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