BlackRock Throgmorton Trust proposes to raise additional equity capital

BlackRock Throgmorton Trust PLC (LON:THRG) has announced that it proposes to raise additional equity capital through the issue of up to 3,307,686 new ordinary shares in the capital of the Company by way of a non pre-emptive issuance.

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The Company has issued, or re-issued from treasury, 11,417,194 Ordinary Shares over the 12 months to 16 November 2020 across a large number of transactions and understands that certain investors would welcome an additional opportunity to invest in the Company.

The Company currently has remaining shareholder authority, as granted at the last annual general meeting of the Company, held on 25 March 2020, to issue up to 3,307,686 New Ordinary Shares on a non pre-emptive basis, being approximately 4.2% of the Ordinary Shares in issue.  

Details of the Placing

The New Ordinary Shares will be issued at a Placing Price which will be published on the day following the closing date of the Placing.  The Placing Price will be set at a level equal to the unaudited net asset value, including current year income, per Ordinary Share as at the close of business on the closing date of the Placing, plus a premium of 1.5%. This premium has been set at a level sufficient to cover expected costs of the Placing, such that the NAV per share is not expected to be diluted as a result of the Placing.

The Placing will be made to qualified investors (as defined in Article 2(e) of the Prospectus Regulation) through the Company’s broker, Stifel Nicolaus Europe Limited, and will be subject to the terms and conditions set out in the Appendix to this announcement).

The Placing will be launched immediately following this announcement. To register interest in participating in the Placing, potential investors should communicate their applications for New Ordinary Shares by telephone to their usual sales contact at Stifel. The Placing is expected to close at 5.00 p.m. (London time) on 19 November 2020 but may close earlier or later at the discretion of the Company and Stifel.

The Company (after consultation with Stifel and the Investment Manager) reserves the right to scale back the number of Placing Shares subscribed by any Placee in the event of applications in excess of the maximum amount under the Placing.

Application for Admission

Application will be made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List and to the London Stock Exchange plc for admission of the New Ordinary Shares to trading on its main market for listed securities (the “Main Market”), (together, “Admission”). It is expected that Admission will become effective, and that dealings in the New Ordinary Shares on the Main Market will commence, on or around 24 November 2020.

Renewal of shareholder authorities for issuance of Ordinary Shares on a non pre-emptive basis

Following the Placing, should shareholder authorities granted at the last AGM have been substantially exhausted, the Company will consider proposing to shareholders at a future general meeting the granting of renewed authorities for issuance of a further 10% of the issued share capital of the Company on a non pre-emptive basis provided that such shares would only be issued at a price expected not to dilute the prevailing NAV per share.

Expected timetable

Closing date of the Placing: latest time and date for receipt of Placing commitments5.00 p.m. on 19 November 2020
Announcement of Placing Price and result of the Placing20 November 2020
Trade date: New Ordinary Shares issued to investors on a T+2 basis20 November 2020
Settlement, Admission and commencement of dealings in New Ordinary Shares8.00 a.m. on 24 November 2020

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