Alliance Witan PLC Announces Major Developments
Alliance Witan PLC is excited to share the results of its recent scheme, which marks a pivotal moment in its evolution. The company has undergone a significant transformation following its acquisition of substantial net assets, which pave the way for new opportunities ahead.
Results of the Asset Scheme
The recent combination of assets between Alliance Witan PLC and Witan Investment Trust PLC (WTAN) was successfully approved, creating a strategic alignment that will enhance shareholder value. The board of Alliance Witan PLC is thrilled to report the acquisition of approximately £1,539 million in net assets from WTAN, resulting in the issuance of 120,949,382 New Shares to WTAN shareholders.
Details of the Share Issuance
The issuance of New Shares was calculated based on an ATST FAV per Share of 1274.592460 pence compared to a WTAN FAV per Share of 286.293752 pence. This calculation resulted in a conversion ratio of approximately 0.224615 New Shares for each WTAN Share that rolled over. It’s important to note that fractions of New Shares derived from this conversion will not be dispersed but rounded down to the nearest whole number for simplification.
New Shares to Commence Trading
With the new shares distributed, applications have been made for these 120,949,382 New Shares to be listed on the Official List of the Financial Conduct Authority. They will commence trading on the main market for listed securities of the London Stock Exchange. The anticipated Admission is scheduled for 8:00 AM, 10 October 2024.
Understanding the Share Capital Structure
Post-issuance, the company will consist of a total of 401,816,982 Ordinary Shares, all holding one voting right each, along with an additional 3,377,000 Ordinary Shares in treasury. This structured capital will equip shareholders to assess whether they need to notify their interest regarding voting rights under the applicable regulations.
Company Name and Ticker Code Changes
As announced in the shareholder circular, the company will undergo a name change from 'Alliance Trust PLC' to 'Alliance Witan PLC.' Accompanying this change, the ticker code will shift from ATST to ALW. The name change took effect after receiving confirmation from the Registrar of Companies, and the ticker code transition will commence immediately upon the start of trading in the New Shares.
Relevance of Capitalised Terms
Terms capitalised but not defined in this announcement retain the meanings outlined in the shareholder circular, ensuring continuity and clarity in communication.
Contact Information
If you have any inquiries or require further assistance, please reach out to:
Alliance Witan PLC
Dean Buckley
Via Investec or Juniper Partners
Juniper Partners Limited (Company Secretary)
+44 (0)131 378 0500
Investec Bank plc (Lead Financial Adviser)
David Yovichic, Denis Flanagan
+44 (0)20 7597 4000
Dickson Minto (Joint Financial Adviser)
Douglas Armstrong
+44 (0)20 7649 6823
LEI: 213800SZZD4E2IOZ9W55
Frequently Asked Questions
What is the significance of the recent asset acquisition by Alliance Witan PLC?
The acquisition enhances the company's asset base and aligns its resources for better shareholder value.
How many New Shares are being issued as part of this scheme?
A total of 120,949,382 New Shares are being issued to WTAN shareholders.
When will the New Shares commence trading?
The New Shares are expected to commence trading at 8:00 AM on 10 October 2024.
What are the changes to Alliance Witan PLC's company name and ticker code?
The company is changing its name from ‘Alliance Trust PLC’ to ‘Alliance Witan PLC’ and its ticker code from ATST to ALW.
Where can I get more information regarding these developments?
For further inquiries, you can contact Dean Buckley at Alliance Witan PLC or reach out to the listed financial advisers.
