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(1)

M&G Credit Income Investment Trust plc: Proposed Placing -2-

DJ Proposed Placing

M&G Credit Income Investment Trust plc (MGCI) 
Proposed Placing 
 
26-May-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, 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. 
 
26 May 2020 
 
              M&G Credit Income Investment Trust plc 
 
              Proposed Placing 
 
 The Board of M&G Credit Income Investment Trust plc (the "Company") has had 
      indicated to it by M&G Alternatives Investment Management Limited, the 
    Company's investment manager (the "Investment Manager"), that the recent 
          market dislocation arising as a result of the Covid-19 pandemic is 
presenting favourable opportunities for investment. Whilst these had been in 
           the quoted debt market, the Investment Manager is now also seeing 
  significant opportunities opening up in the private debt markets, offering 
      investment-grade rated debt at levels not seen since the launch of the 
     Company. The Investment Manager has taken a prudent and patient capital 
  approach thus far in the selection of assets, and it is now well-placed to 
                            take advantage of these new opportunities. 
 
    The Board and the Investment Manager believe it would be advantageous to 
   seek to raise additional capital to take advantage of these opportunities 
and, therefore, the Board has decided to undertake a non pre-emptive placing 
       of new ordinary shares (the "Shares") (the "Placing"). The Investment 
  Manager is confident of its ability to deploy promptly the proceeds of the 
  Placing and to continue to meet the Company's current dividend policy. The 
 Placing is also expected to benefit the Company by enlarging its asset base 
  over which to spread the fixed operating costs and, potentially, improving 
the liquidity for the Shares in the secondary market. The Board additionally 
   notes the ongoing demand for the Shares, with the Shares having traded on 
  average at a premium to net asset value per Share since the initial public 
                            offering of the Company. 
 
  Any new Shares issued pursuant to the Placing will be issued at a price of 
        97.0 pence each, which represents a 2% premium to the last published 
      cum-income net asset value per Share, after adjustment for the interim 
      dividend that went ex-entitlement on 7 May 2020 (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: 
 
                                            2020 
               Placing opens              26 May 
              Placing closes 1.00 p.m. on 3 June 
Results of Placing announced              3 June 
     Admission of new Shares 8.00 a.m. on 5 June 
 
 All Shares issued pursuant to the Placing will, when issued and fully paid, 
  confer the right to receive all dividends or other distributions declared, 
  if any, by reference to a record date after the date of their issue and in 
           all other respects will rank pari passu with the existing Shares. 
 
  The Company may issue up to a maximum of 26 million Shares pursuant to the 
        Placing, being the maximum capacity available to the Company without 
                            publishing a prospectus. 
 
 Applications will be made for the new Shares issued pursuant to the Placing 
to be admitted to listing on the premium segment of the Official List of the 
    Financial Conduct Authority and to trading on the premium segment of the 
              main market for listed securities of London Stock Exchange plc 
 ("Admission"). It is expected that dealings in the new Shares will commence 
    at 8.00 a.m. on 5 June 2020. The new Shares will be issued in registered 
                            form and may be held in uncertificated form. 
 
Participation in the Placing will only be available to persons in the United 
   Kingdom and member states of the European Economic Area who are qualified 
      investors as defined in article 2(e) of Regulation (EU) 2017/1129 (the 
"Prospectus Regulation") ("Qualified Investors"). Qualified Investors should 
communicate their firm interest to their usual sales contact at Winterflood. 
 
      The Placing will be made through Winterflood, subject to the terms and 
    conditions (the "Terms and Conditions") set out below in the appendix to 
        this announcement. The decision to allot new Shares to any Qualified 
     Investor 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 Shares under the Placing, investors 
  will be deemed to have accepted the Terms and Conditions. An investor that 
has made an offer to subscribe for new Shares under the Placing accepts that 
following the closing of the bookbuild such offer shall be irrevocable. Upon 
  being notified of its allocation of new Shares in the Placing, an investor 
        shall be contractually committed to acquire the number of new Shares 
                            allocated to it at the Placing Price. 
 
                            The Placing is not being underwritten. 
 
  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 applications 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 Shares after the time of any 
 initial allocation to any person submitting an application after that time; 
   and (ii) allocate new Shares after the bookbuild has closed to any person 
                            submitting an application after that time. 
 
                            For further information please contact: 
 
Winterflood Securities Limited 020 3100 0000 
                 Darren Willis 
 
                   Neil Morgan 
 
                   Chris Mills 
 
            M&G Credit Income Investment Trust plc LEI: 549300E9W63X1E5A3N24 
 
       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 Nicola Lambourne of Link Company 
                            Matters Limited, Company Secretary. 
 
                            Important Notice 
 
      The content of this announcement has been prepared by, and is the sole 
                  responsibility of, M&G Credit Income Investment Trust plc. 
 
  The information contained in this announcement is given at the date of its 
 publication and is subject to updating, revision and amendment from time to 
          time. 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 Shares that are the subject of the Placing are not being offered or sold 
    to any person in the European Economic Area and the United Kingdom other 
     than persons who are both: (A) Qualified Investors which includes legal 
 entities which are regulated by the Financial Conduct Authority or entities 
   which are not so regulated whose corporate purpose is solely to invest in 
 securities and; (B) persons to whom the new Shares may lawfully be marketed 
under the EU Alternative Investment Fund Managers Directive (No. 2011/61/EU) 
  (the "AIFM Directive") or under any applicable implementing legislation of 
      the member state of the European Economic Area in which such person is 
                  domiciled or in which such person has a registered office. 
 
    Members of the public are not eligible to take part in the Placing. This 
  announcement (including the Appendix) and the terms and conditions set out 
herein are for information purposes only and directed only at: (A) Qualified 
       Investors; (B) in the United Kingdom, Qualified Investors 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 Articles 49(2)(A) to (D) of the FPO; or are persons to whom it may 
otherwise be lawfully communicated and (b) are a "professional client" or an 
    "eligible counterparty" within the meaning of Chapter 3 of the Financial 
 Conduct Authority's Conduct of Business Sourcebook; or (C) other persons to 
     whom they may be lawfully communicated (all such persons together being 
        referred to as "Relevant Persons"). This announcement (including the 
  Appendix) and the terms and conditions set out herein must not be acted on 
                       or relied on by persons who are not Relevant Persons. 
 
 Any investment or investment activity to which this announcement (including 
        the Appendix) and the terms and conditions set out herein relates is 
 available only to, and will be engaged in only with, Relevant Persons. This 
  announcement (including the Appendix) is for information purposes only and 
         does not itself constitute an offer for sale or subscription of any 
   securities in the Company. If persons are in any doubt as to whether they 
are a Relevant Person they should consult a professional adviser for advice. 
 
   The new Shares have not been registered and will not be registered in the 

(MORE TO FOLLOW) Dow Jones Newswires

May 26, 2020 02:00 ET (06:00 GMT)

United States under the U.S. Securities Act of 1933, as amended (the 
"Securities Act"), the U.S. Investment Company Act of 1940, as amended, (the 
   "Investment Company Act") or any other applicable securities laws and may 
 not be offered, sold, exercised, resold, transferred or delivered, directly 
     or indirectly, in or into the United States or to or for the account or 
      benefit of any US Person (within the meaning of Regulation S under the 
  Securities Act), except pursuant to an exemption from, or in a transaction 
  not subject to, the registration requirements of the Securities Act and in 
        compliance with any applicable securities laws of any state or other 
  jurisdiction in the United States, and under circumstances that that would 
 not result in the Company being in violation of the Investment Company Act. 
 
  There will be no public offer of the new Shares in the United Kingdom, the 
       United States or elsewhere. The new Shares are being offered and sold 
   outside the United States to non U.S. Persons in offshore transactions in 
         reliance on the exemption from the registration requirements of the 
 Securities Act provided by Regulation S thereunder. The new Shares have not 
   been approved or disapproved by the United States Securities and Exchange 
     Commission, any state securities commission in the United States or any 
  other U.S. regulatory authority, nor have any of the foregoing authorities 
        passed upon or endorsed the merits of the offering of the new Shares 
   pursuant to the Placing or the accuracy or adequacy of this announcement. 
      Any representation to the contrary is a criminal offence in the United 
                            States. 
 
  This announcement (including the Appendix) does not constitute an offer to 
   sell or issue or a solicitation to buy or subscribe for new Shares in any 
      jurisdiction including, without limitation, the United States, Canada, 
    Australia, New Zealand, the Republic of South Africa, Japan or any other 
  jurisdiction in which such offer or solicitation is or may be unlawful (an 
"Excluded Territory"). This announcement (including the Appendix) is not for 
publication, release or distribution, directly or indirectly, in whole or in 
               part, to U.S. Persons or to persons in an Excluded Territory. 
 
  The distribution of this announcement (including the Appendix), and/or the 
issue of new Shares in certain jurisdictions may be restricted by law and/or 
     regulation. No action has been taken by the Company, Winterflood or the 
  Investment Manager or any of their respective affiliates that would permit 
 an offer of Shares pursuant to the Placing in any jurisdiction where action 
       for that purpose is required. Persons receiving this announcement are 
   required to inform themselves about and to observe any such restrictions. 
 
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 Financial Conduct Authority , London Stock Exchange plc or 
by applicable law). 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. 
 
 Winterflood, which is authorised and regulated in the United Kingdom by the 
   Financial Conduct Authority, is acting only for the Company in connection 
    with the matters described in this announcement and is not acting for or 
   advising any other person, or treating any other person as its client, in 
   relation thereto and will not be responsible for providing the regulatory 
 protection afforded to clients of Winterflood or advice to any other person 
                            in relation to the matter contained herein. 
 
   None of the Investment Manager or Winterflood, or any of their respective 
 affiliates, accepts any responsibility or liability whatsoever for or makes 
any representation or warranty, express or implied, as to this announcement, 
    including the truth, accuracy or completeness of the information in this 
          announcement (or whether any information has been omitted from the 
         announcement) or for any loss howsoever arising from any use of the 
            announcement or its contents aside from the responsibilities and 
     liabilities, if any, which may be imposed by the Financial Services and 
   Markets Act as amended (the "FSMA"), or the regulatory regime established 
thereunder or any other applicable regulatory regime. The Investment Manager 
and Winterflood and their respective affiliates accordingly disclaim all and 
     any liability whether arising in tort, contract or otherwise which they 
     might otherwise have in respect of this announcement or its contents or 
                            otherwise arising in connection therewith. 
 
                            Information to Distributors 
 
    Solely for the purposes of the product governance requirements contained 
 within: (a) EU Directive 2014/65/EU on markets in financial instruments, as 
     amended ("Directive 2014/65/EU"); (b) Articles 9 and 10 of Commission 
   Delegated Directive (EU) 2017/593 supplementing Directive 2014/65/EU; and 
(c) local implementing measures (together, the "MiFID II Product Governance 
  Requirements"), and disclaiming all and any liability, whether arising in 
tort, contract or otherwise, which any "manufacturer" (for the purposes of 
       the MiFID II Product Governance Requirements) may otherwise have with 
respect thereto, the Shares have been subject to a product approval process, 
    which has determined that the Shares which may be issued pursuant to the 
   Placing are: (i) compatible with an end target market of retail investors 
    and investors who meet the criteria of professional clients and eligible 
  counterparties, each as defined in Directive 2014/65/EU; and (ii) eligible 
      for distribution through all distribution channels as are permitted by 
                    Directive 2014/65/EU (the "Target Market Assessment"). 
 
Notwithstanding the Target Market Assessment, distributors should note that: 
 the price of the Shares may decline and investors could lose all or part of 
      their investment; the Shares offer no guaranteed income and no capital 
         protection; and an investment in the Shares is compatible only with 
    investors who do not need a guaranteed income or capital protection, who 
      (either alone or in conjunction with an appropriate financial or other 
          adviser) are capable of evaluating the merits and risks of such an 
  investment and who have sufficient resources to be able to bear any losses 
that may result therefrom. The Target Market Assessment is without prejudice 
         to the requirements of any contractual, legal or regulatory selling 
     restrictions in relation to the Placing. Furthermore, it is noted that, 
 notwithstanding the Target Market Assessment, Winterflood will only procure 
        investors who meet the criteria of professional clients and eligible 
                            counterparties. 
 
           For the avoidance of doubt, the Target Market Assessment does not 
     constitute: (a) an assessment of suitability or appropriateness for the 
purposes of Directive 2014/65/EU; or (b) a recommendation to any investor or 
      group of investors to invest in, or purchase, or take any other action 
                            whatsoever with respect to the Shares. 
 
       Each distributor is responsible for undertaking its own target market 
assessment in respect of the Shares and determining appropriate distribution 
                            channels. 
 
                            APPENDIX - TERMS AND CONDITIONS OF THE PLACING 
 
1) INTRODUCTION 
 
1) By participating in the Placing each applicant for Shares (a 
"Placee") is deemed to have read and understood this announcement (the 
"Announcement") including this appendix (the "Appendix") in its entirety 
and to be providing the representations, warranties, undertakings, 
agreements and acknowledgements contained in this Appendix. 
 
2) Each Placee which confirms its agreement (whether orally or in writing) 
to Winterflood to subscribe for Shares under the Placing will be bound by 
these Terms and Conditions and will be deemed to have accepted them. 
 
3) Winterflood may require any Placee to agree to such further terms 
and/or conditions and/or give such additional warranties and/or 
representations as it (in its absolute discretion) sees fit and may 
require any such Placee to execute a separate placing letter. The terms 
and conditions contained in any such placing letter shall be supplemental 
and in addition to the Terms and Conditions contained in this Appendix. 
 
2) AGREEMENT TO SUBSCRIBE FOR SHARES 
 
1) Conditional on: 
 
1) Admission occurring and becoming effective by 8.00 a.m. on 5 June 2020 
(or such later time and/or date as the Company and Winterflood may agree, 
not being later than 12 June 2020); 
 
2) the Placing not having been terminated on or before the date of 
Admission; and 
 
3) Winterflood confirming to the Placees their allocation of Shares, 
 

(MORE TO FOLLOW) Dow Jones Newswires

May 26, 2020 02:00 ET (06:00 GMT)

© 2020 Dow Jones News
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