Alliance Trust plc, the £3 billion Dundee investment trust company which uses external fund managers Willis Towers Watson (WTW), said on Tuesday that the final hearing in the court process to convert its £645 million merger reserve into a distributable reserve is expected to be held on July 8, 2021.
” … a bonus issue of deferred shares each having a nominal value to be determined as at the date of the bonus issue shall occur on the evening of 7 July 2021,” said Alliance Trust in a stock exchange statement.
“Accordingly, the record time for the bonus issue shall be 6.00 p.m. on 7 July 2021 …
“In addition … the deferred shares will not be admitted to trading on the main market of London Stock Exchange plc or any other market.
“No share certificates will be issued in respect of the deferred shares.
“The deferred shares will have extremely limited rights; in particular, the deferred shares will carry no rights to participate in the profits of the company and no rights to participate in the company’s assets, save on a winding up.
“Whilst deferred shares will be transferable, no market is expected to exist in them and it is expected that the court will confirm their cancellation at the final hearing (being the day after their issue).
“The company will announce the outcome of the final hearing on 8 July 2021.”