2 Jun 2015 14:07
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.
Standard Life UK Smaller Companies Trust plc (the "Company")
2 June 2015
Tender offer for up to 5 per cent. of the shares in issue in the Company
The Company announces a tender offer for up to five per cent. of the Company's shares (the "Tender Offer"). A circular explaining the terms and conditions of the Tender Offer and the procedure for tendering shares (the "Circular") will shortly be sent to shareholders.
The Directors may exercise their discretion to offer periodic tenders in the future. In addition the Company intends to buy back shares in the market at discounts above 10 per cent. where it is in the best interests of the Company as a whole to do so. Since 14 October 2014, the Company has bought back 2,307,155 ordinary shares at an average discount of 8.5 per cent., which has enhanced NAV per share.
The Directors believe that the Company has continued to benefit from the investment management skills of Harry Nimmo, the portfolio manager of the Company, since September 2003 and concur with his positive outlook for UK smaller companies. In the light of this and on the basis of the Company's record of investment performance, neither the Directors nor any of the management team of the Company will be tendering any of their Shares in the Company.
A copy of the Circular will shortly be available from the Company's website www.standardlifeinvestments.com/its or from the National Storage Mechanism at www.morningstar.co.uk/uk/nsm.
Expected Timetable for the Tender Offer
Record Date | Close of business on 29 May 2015 |
Posting of Circular and Tender Forms | 2 June 2015 |
Closing Date (latest time and date for receipt of Tender Forms) | 3.00 p.m. on 17 June 2015 |
Calculation Date | Close of business on 30 June 2015 |
Results of Tender Offer and Tender Price announced | 24 July 2015 |
Settlement Date: cheques dispatched and payments through CREST made and CREST accounts settled | 28 July 2015 or as soon as practicable thereafter |
Share certificates dispatched | 3 August 2015 or as soon as practicable thereafter |
Capitalised terms used in this announcement shall have the same meaning as terms defined in the Circular, unless the context otherwise requires.
All enquiries:
Standard Life Investments
Gordon Humphries Tel: 0131 245 2735
Winterflood Securities Limited
Neil Morgan Tel: 020 3100 0292