Murray International Trust PLC
Legal Entity Identifier (LEI): 549300BP77JO5Y8LM553
Proposed Share Sub-division
3 March 2023
As announced in the annual results published today, Murray International Trust PLC (the "Company") announces that shareholders will be requested at the Annual General Meeting to be held on 21 April 2023 (the "AGM") to approve the sub-division (the "Sub-division") of the ordinary shares of 25 pence each (each an "Existing Ordinary Share") into five new ordinary shares of 5 pence each (each a "New Ordinary Share"). The Sub-division is intended to assist monthly savers and those who reinvest their dividends or are looking to invest smaller amounts, and to improve the liquidity in and marketability of the Company's shares.
The Sub-division is conditional on approval by shareholders at the AGM as well as the New Ordinary Shares being admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission"). Admission applications will be made and it is expected that Admission will become effective, and that dealings in the new Ordinary shares will commence, at 8.00 a.m. on 24 April 2023, at which time the Sub-division will become effective. The last day of trading in the Existing Ordinary Shares is expected to be 21 April 2023 and the record date for the Sub-division is 6.00 p.m. on that date (the "Record Date").
If approved by Shareholders, the Sub-division will result in Shareholders receiving five New Ordinary Shares in exchange for each Existing Ordinary Share held at the Record Date. CREST accounts are expected to be credited with New Ordinary Shares on 24 April 2023 and share certificates in respect of the New Ordinary Shares are expected to be posted to shareholders no later than 5 May 2023.
The New Ordinary Shares will have a new ISIN and SEDOL as follows:
New ISIN: GB00BQZCCB79
New SEDOL: BQZCCB7
The ticker for the New Ordinary Shares will remain the same as the ticker for the Existing Ordinary Shares (MYI). The New Ordinary Shares will rank equally with each other and will carry the same rights and be subject to the same restrictions (save as to nominal value) as the Existing Ordinary Shares.
As at 2 March 2023 (being the latest practicable date prior to the publication of this announcement) the Company has 129,412,003 Ordinary Shares in issue (including 4,399,110 held in Treasury). Immediately following the Sub-division and on the assumption that no ordinary shares are bought back or issued by the Company between the date of this announcement and the date on which the Sub-division takes effect, the Company will have 647,060,015 New Ordinary Shares in issue (including 21,995,550) held in Treasury. A holding of New Ordinary Shares immediately following the Sub-division will represent the same proportion of the issued ordinary share capital of the Company as the corresponding holding of Existing Ordinary Shares immediately prior to the Sub-division. The Sub-division will therefore itself not affect the overall value of a shareholder's holding in the Company.
Expected Timetable
| Publication of Annual Report and Notice of AGM | 3 March |
| AGM | 12.30 p.m. on 21 April |
| Last day of dealings in the Existing Ordinary Shares | 21 April |
| Record date for the Sub-division and ISIN of the Existing Ordinary Shares disabled in CREST | 6.00 p.m. on 21 April |
| Admission effective and dealings commence in New Ordinary Shares | 8.00 a.m. on 24 April |
| New Ordinary Shares credited to CREST accounts | 24 April |
| Issue of new share certificates in respect of the New Ordinary Shares to be issued to those shareholders who hold their Existing Ordinary Shares in certificated form | by 5 May 2023 |
For further information, please contact:
| Edward Gibson-Watt Catriona Neville
| Charles Mearns |
| Stifel Nicolaus Europe Limited | For and on behalf of abrdn Holdings Limited |
| Corporate Broker | Company Secretary |
| Telephone: 020 7710 7600 | Telephone: 0131 528 4132 |
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