NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA.
This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in Aurora Investment Trust plc (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the final prospectus published by the Company and any supplement thereto.
5 September 2017
Aurora Investment Trust plc
Initial Placing, Offer for Subscription, Intermediaries Offers and Placing Programme
Publication of Prospectus and Circular
Aurora Investment Trust plc (the "Company") has today published a prospectus in relation to an initial placing, offer for subscription and intermediaries offer (the "Initial Issues"), as well as a placing programme of new ordinary shares of 25 pence each (the "Ordinary Shares") and further intermediaries offers (the "Subsequent Issues").
The Initial Issues and Subsequent Issues have been proposed by the Directors to increase the size of the Company and in turn give it a larger equity base over which to spread fixed costs while also improving the liquidity and marketability of the Ordinary Shares.
The price of the new Ordinary Shares to be issued under the Initial Issues will be calculated by applying a premium of 1.25 per cent. to the Net Asset Value per Ordinary Share as at Tuesday, 26 September 2017. It is expected that the price of the new Ordinary Shares to be issued under the Subsequent Issues will be calculated by applying a premium of 1.25 per cent. to the Net Asset Value per Ordinary Share as at close of business two business days prior to the close of the relevant Subsequent Issue.
In connection with the publication of the prospectus, the Company requires authority from shareholders to issue the new Ordinary Shares pursuant to the Initial Issues and any Subsequent Issues. Accordingly, the Company has also today published a circular convening a general meeting to be held at 3.00 p.m. on Thursday, 28 September 2017 at 6 Barton Street, Westminster, London SW1P 3NG (the "General Meeting"). At the General Meeting, resolutions will be put to shareholders to give the Board authority to issue up to a maximum of 150 million new Ordinary Shares on a non pre-emptive basis under the Initial Issues together with any Subsequent Issues until the expiry of the prospectus in 12 months' time on 4 September 2018.
The timetable in respect of the Initial Issues is expected to be as follows:
|
Date |
Publication of Initial Issues Price |
Wednesday 27 September 2017 |
Latest time and date for applications under the Offer for Subscription |
3.00 p.m. on Thursday 28 September 2017 |
Latest time and date for applications from Intermediaries under the Initial Intermediaries Offer |
3.00 p.m. on Thursday 28 September 2017 |
Latest time and date for receipt of commitments under the Initial Placing |
3.00 p.m. on Thursday 28 September 2017 |
Results of Initial Issues announced |
Thursday 28 September 2017 |
Admission and dealings in New Shares commence |
Monday 2 October 2017 |
Crediting of CREST accounts in respect of the New Shares |
Monday 2 October 2017 |
Share certificates in respect of the New Shares despatched (if applicable) |
week commencing 9 October 2017 |
The prospectus and circular will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do.
The prospectus and circular are also available in electronic form on the Company's website at www.aurorainvestmenttrust.com and copies are available for collection during normal business hours on any working day (Saturday, Sunday and public holidays excepted) until 4 September 2018 from the registered office of the Company and the offices of Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW.
Lord Howard Flight, Chairman of Aurora Investment Trust plc, said:
"Since the investment manager changed to Phoenix Asset Management in January 2016, Aurora has performed well for shareholders, with the share price increasing by approximately 25 per cent and the Company trading consistently at a premium to net asset value. At the same time, investment growth and share issuance has meant the Company has increased in size from a £15 million market cap in January 2016 to approximately £73 million thereby putting the Company on a much sounder footing and reducing costs per share.
Phoenix see further opportunities in the stock market to put their investment approach to work for the benefit of shareholders. We are now proposing the Issues which should make the Company more accessible to shareholders and broaden the investor base, further increasing the liquidity and marketability of the Shares."
Capitalised terms used but not defined in this announcement have the same meanings as set out in the Company's prospectus dated today.
Enquiries:
Tristan Chapple
Phoenix Asset Management Partners Limited
Tel: 020 8600 0100
Chris Clarke
Liberum Capital Limited
Tel: 020 3100 2000
William Clutterbuck
[email protected]
or
Jason Ochere
[email protected]
Maitland
Tel: 0207 379 5151
John Luetchford
PraxisIFM Fund Services (UK) Limited
Company Secretary to Aurora Investment Trust plc
Tel: 020 7653 9687
Intermediaries Offer
Nigel Morris
Solid Solutions Associates (UK) Ltd
[email protected]
Tel: 020 7549 1613
Important notices
Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of, this announcement.
Dickson Minto W.S. and Liberum Capital Limited are authorised and regulated in the UK by the Financial Conduct Authority, are acting exclusively for the Company and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for affording advice in relation to the contents of this announcement or any matters referred to herein.
No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by the Company, Dickson Minto W.S., Liberum Capital Limited or any of their respective directors, officers, employees or agents. Subject to the Listing Rules and/or the Prospectus Rules and/or the Disclosure Guidance and Transparency Rules and/or the Takeover Code and/or FSMA, neither the delivery of this announcement nor any subscription or acquisition made under it shall, in any circumstances, create any implication that there has been no change in the affairs of the Company since the date of this announcement or that the information in it is correct as of any subsequent date.
This announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.
