23 November
2020
PGIT Securities 2020 plc (the “Company”)
Results of Elections by ZDP
Shareholders
On 3 November 2020, PGIT
Securities 2020 plc (“PGIT Securities 2020”), a wholly owned
subsidiary of Premier Miton Global Renewables Trust plc (previously
known as Premier Global Infrastructure Trust plc), published a
circular containing details of a scheme of reconstruction of PGIT
Securities 2020 (the “Scheme”) and proposals to, inter alia, offer
the holders of Existing ZDP Shares in PGIT Securities 2020 the
opportunity to elect to roll their investment into New ZDP Shares
in PMGR Securities 2025 plc ("PMGR Securities 2025").
The Board of PGIT Securities 2020 announces that valid Elections
to participate in the Rollover Option were received in respect of
8,648,877 Existing ZDP shares. Accordingly, as the Maximum Issue
Size was not exceeded there will be no scaling back. ZDP
Shareholders who have elected for the Rollover Option would
therefore receive 1,256 New ZDP Shares for every 1,000 Existing ZDP
shares held on the Effective Date.
Additionally, New ZDP Shares are also being made available under
the Placing, which closes at 1.00
p.m. on 26 November 2020 and
the results of which will be announced on or around 30 November 2020. Shareholders who are
considering applying for further New ZDP Shares in the Placing
should contact their broker or N+1 Singer.
The Proposals remain conditional on the passing of the
Resolutions to be proposed at the Second General Meeting, the FCA
agreeing to admit to the standard segment of the Official List the
Reclassified Shares and the London Stock Exchange agreeing to admit
the Reclassified Shares to trading on its main market, and, subject
only to allotment thereof, the New ZDP Shares to be issued pursuant
to the Issue also being agreed to be admitted.
Application is expected to be made for the New ZDP Shares to be
admitted to the Official List and to trading on the London Stock
Exchange and dealings are expected to commence at 8.00 a.m. on 1 December
2020. It is anticipated that CREST accounts will be credited
(where applicable) on the same day and the New ZDP Shares will
trade using the ticker PGMZ under the ISIN GB00BNG43G36. New share
certificates in respect of the New ZDP Shares will be issued as
soon as practicable following admission.
Consideration for the Cash Option is expected to be despatched
to Existing ZDP Shareholders on or around 1
December 2020.
Expected timetable of principal
events |
2020 |
Date from which it is advised that
dealings in Existing ZDP Shares should only be for cash settlement
and immediate delivery of documents of title |
23 November |
Latest time and date for commitments
under the Placing |
1.00 p.m. on 26
November |
Existing ZDP Shares reclassified,
Official List amended and dealings in Reclassified Shares commence
on the London Stock Exchange |
8.00 a.m. on 27
November |
Dealings in Reclassified Shares
suspended |
8.00 a.m. on 30
November |
Second General Meeting and, if the
Scheme becomes unconditional, Effective Date for the implementation
of the Proposals and commencement of liquidation(i) |
10.00 a.m. on 30
November |
Publication of the results of the
Placing and the Scheme |
30 November |
New ZDP Shares admitted to Official
List, Existing ZDP Shares cancelled and dealings in New ZDP Shares
commence on the London Stock Exchange |
8.00 a.m. on 1
December |
CREST accounts credited with New ZDP
Shares (for holders in uncertificated form) |
as soon as practicable
after
1 December |
Consideration expected to be
despatched to ZDP Shareholders who elect or are deemed to have
elected for the Cash Option to CREST participants by the crediting
through CREST and to certificated holders by cheque |
from 1
December |
Despatch of New ZDP Share
certificates (to holders in certificated form) in the week
commencing |
7 December |
All of the times and dates in the expected timetable may be
extended or brought forward without further notice. If any of the
above times and/or dates change, the revised time(s) and/or date(s)
will be notified to Shareholders by an announcement through a
Regulatory Information Service provider.
All references to time in the Circular are to UK time.
- Neither ZDP Shareholders nor Ordinary Shareholders are entitled
to attend or vote at the Second General Meeting.
Terms used in this announcement shall have the same meaning as
in the Circular published on 3 November
2020.
Contact:
Premier Fund Managers Limited
01483 306090
Claire Long
(claire.long@premiermiton.com)
James Smith
(james.smith@premiermiton.com)
N+1 Singer
020 7496 3000
James Maxwell
(james.maxwell@n1singer.com)
Iqra Amin
(iqra.amin@n1singer.com)