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M&G Credit Income Investment Trust plc (MGCI)
M&G Credit Income Investment Trust plc: Proposed Placing
18-Jan-2019 / 16:24 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA,
NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. PLEASE SEE THE
IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
This announcement is an advertisement for the purposes of the Prospectus
Rules of the UK Financial Conduct Authority (the "FCA") and not a
prospectus. This announcement does not constitute or form part of, and
should not be construed as, an offer for sale or subscription of, or
solicitation of any offer to subscribe for or to acquire, any Ordinary
Shares (as defined below) in any jurisdiction, including in or into the
United States, Canada, Australia, New Zealand, the Republic of South Africa
or Japan. Investors should not subscribe for or purchase any Ordinary Shares
referred to in this announcement except on the basis of information in the
prospectus (the "Prospectus") published on 26 September 2018 by the Company
(as defined below) in connection with the proposed admission of its Ordinary
Shares to listing on the premium segment of the Official List of the UK
Listing Authority and to trading on the main market for listed securities of
London Stock Exchange plc.
The information contained within this announcement constitutes inside
information. The person responsible for arranging for the release of this
announcement on behalf of the Company is James Poole of Link Company Matters
Limited, Company Secretary.
18 January 2019
M&G Credit Income Investment Trust plc
Proposed Placing
The Board of M&G Credit Income Investment Trust plc (the "Company") notes
the strong demand for the Company's ordinary shares (the "Ordinary Shares"),
with the Ordinary Shares having traded at a premium to NAV since IPO. The
Board has also been made aware that a number of IPO investors are seeking to
increase their holdings in the Company. As the scale of indicative demand is
material and cannot be easily satisfied through liquidity in the market, the
Board has decided to undertake a placing of new Ordinary Shares (the
"Placing") pursuant to the Company's Placing Programme. The Placing is being
made available to existing and new investors.
Any new Ordinary Shares issued pursuant to the Placing will be issued at a
price of 101 pence each (the "Placing Price").
Winterflood Securities Limited ("Winterflood") is acting as bookrunner to
the Company in relation to the Placing.
The expected timetable for the Placing is as follows:
2019
Placing opens 21 January
Placing closes 1.00 p.m. on 30 January
Results of Placing announced 30 January
Admission of new Ordinary Shares 4 February
All Ordinary Shares issued pursuant to the Placing will, when issued and
fully paid, confer the right to receive all dividends or other distributions
made, paid or declared, if any, by reference to a record date after the date
of their issue.
The maximum number of Ordinary Shares being made available pursuant to the
Placing is 25 million. The Investment Manager has confirmed that the Placing
will not impact the anticipated time it will take for the Company to be
fully invested nor will it affect the Company's ability to meet its initial
dividend target.
Applications will be made for the new Ordinary Shares issued pursuant to the
Placing to be admitted to listing on the premium segment of the Official
List of the UK Listing Authority and to trading on the premium segment of
the main market for listed securities of London Stock Exchange plc. It is
expected that dealings in the new Ordinary Shares will commence at 8.00 a.m.
on 4 February 2019.
The Placing will be made through Winterflood, subject to the terms and
conditions contained in Part 11 of the Prospectus. The decision to allot new
Ordinary Shares to any person pursuant to the Placing shall be at the
absolute discretion of Winterflood (in consultation with the Company and the
Investment Manager).
By making an offer to subscribe for new Ordinary Shares under the Placing,
investors will be deemed to have accepted the terms and conditions of the
Placing contained in Part 11 of the Prospectus. An investor that has made an
offer to subscribe for new Ordinary Shares under the Placing accepts that
following the closing of the bookbuild such offer shall be irrevocable
(subject to any statutory withdrawal rights). Upon being notified of its
allocation of new Ordinary Shares in the Placing, an investor shall be
contractually committed to acquire the number of new Ordinary Shares
allocated to it at the Placing Price.
Winterflood, in agreement with the Company and the Investment Manager, may
choose to accept applications, either in whole or in part, on the basis of
allocations determined, and may scale down any bids for this purpose, on
such basis as the Company and Winterflood may determine. Winterflood may
also, notwithstanding the above, subject to the prior consent of the
Company: (i) allocate new Ordinary Shares after the time of any initial
allocation to any person submitting a bid after that time; and (ii) allocate
new Ordinary Shares after the bookbuild has closed to any person submitting
a bid after that time.
Other information
Terms used in this announcement shall, unless the context otherwise
requires, bear the meanings given to them in the Prospectus which can be
found on the Company's website at
www.mandg.co.uk/CreditIncomeInvestmentTrust [1].
For further information please contact:
Winterflood Securities Limited 020 3100 0000
Darren Willis
Andrew Marshall
Neil Morgan
Chris Mills
M&G Credit Income Investment Trust plc LEI: 549300E9W63X1E5A3N24
Important Notice
The content of this announcement has been prepared by, and is the sole
responsibility of, M&G Credit Income Investment Trust plc.
Neither the content of the Company's website nor any website accessible by
hyperlinks to the Company's website is incorporated in, or forms part of,
this announcement. The distribution of this announcement and any other
documentation associated with the Placing into jurisdictions other than the
United Kingdom may be restricted by law. Persons into whose possession these
documents come should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws or regulations of any such jurisdiction.
In particular, such documents should not be distributed, forwarded to or
transmitted, directly or indirectly, in whole or in part, in into or from
the United States, Canada, Australia, New Zealand, the Republic of South
Africa or Japan or any other jurisdiction where to do so may constitute a
violation of the securities laws or regulations of any such jurisdiction.
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements can be identified by the fact that they do
not relate only to historical or current facts. Such statements are based on
current expectations and assumptions and are subject to a number of risks
and uncertainties that could cause actual events or results to differ
materially from any expected future events or results expressed or implied
in these forward-looking statements.
The information contained in this announcement is subject to change without
notice and the Company does not take any responsibility or obligation nor
does it intend to revise or update publicly or review any of the
forward-looking statements in this announcement to reflect events or
circumstances after the date of this announcement (except to the extent
required by the FCA, the London Stock Exchange or by applicable law, the
Listing Rules or the Disclosure Guidance and Transparency Rules).
Prospective investors should not place undue reliance on forward-looking
statements, which speak only as of the date of this announcement, as a
prediction of actual results or otherwise.
Members of the public are not eligible to take part in the Placing. This
announcement and the terms and conditions referred to herein are directed in
the United Kingdom only at persons selected by Winterflood who are (a)
"investment professionals" falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO")
or "high net worth companies, unincorporated associations etc" falling
within Article 49(2) of the FPO, or, if it is receiving the offer in
circumstances under which the laws or regulations of a jurisdiction other
(MORE TO FOLLOW) Dow Jones Newswires
January 18, 2019 10:25 ET (15:25 GMT)
