New Star Investment Trust PLC: return of capital circular

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICITON

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

21 June 2024

New Star Investment Trust PLC

Proposed return of capital to shareholders

The Board of New Star Investment Trust PLC (the “Company”) is pleased to announce today a proposed return of capital of £17,045,687 to the holders of its ordinary shares (the “Shareholders”) by way of a B share scheme (the “B Share Scheme”) (the “Return of Capital”). A shareholder circular in respect of the Return of Capital is expected to be published on or around 28 June 2024 (the “Circular”), with a general meeting of the Shareholders to approve the Return of Capital expected to be held on 24 July 2024 (the “General Meeting”).

Return of Capital

It is proposed that £17,045,687 will be returned to Shareholders by way of the B Share Scheme, which will involve the bonus issue of one new B share for each ordinary share held by Shareholders at 6 p.m. (London time) on 24 July 2024 (the “Record Time”), which the Company will subsequently redeem for cash.

The Return of Capital will be subject to Shareholder approval at the General Meeting, and customary conditions, including no material deterioration in market conditions or the financial position of the Company.

If the Return of Capital is approved, the estimated proceeds will equate to 24 pence (£0.24) per existing ordinary share in the Company at the Record Time, and it is expected that Shareholders entitled to receive payments in respect of the proceeds of the redemption of the B shares will receive payment on or before 8 August 2024.

Publication of the Circular

Further details of the background to the proposal for the Return of Capital and the B Share Scheme (including mechanics, eligibility and proceeds) and the reasons why the Board recommends that Shareholders vote in favour of the resolutions to approve the Return of Capital, together with a notice of the General Meeting, will be set out in the Circular.

The Circular is expected to be published on or around 28 June 2024 (and made available on the Company’s website (https://www.nsitplc.com/) and (where required) posted to Shareholders as soon as practicable thereafter), with the General Meeting expected to take place on 24 July 2024 at 12:00 p.m. at the offices of the Company at 1 Knightsbridge Green, London SW1X 7QA.

Timetable

The expected timetable for the Return of Capital is as follows:

Enquiries:

IMPORTANT NOTICES

This announcement has been issued by and is the sole responsibility of New Star Investment Trust PLC. The information contained in this announcement is for background purposes only and does not purport to be full or complete. The information in this announcement is subject to change.

The information contained within this announcement is deemed by New Star Investment Trust PLC to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). On publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. For the purposes of MAR, the person responsible for releasing this announcement is Faith Pengelly of Apex Fund Administration Services (UK) Limited, the Company Secretary.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities pursuant to this announcement or otherwise.

Overseas Shareholders

The availability of this announcment to persons who are not resident in, or citizens or nationals of the United Kingdom, and the distribution of this announcement into jurisdictions other than the United Kingdom, may be restricted or affected by the laws of the relevant jurisdiction in which persons are located.

This announcement is exclusively intended for persons who are not residents of, nor physically present in, the United States, Australia, Canada, Japan, New Zealand, the Republic of South Africa, and any other jurisdiction where the presence of this announcement in such jurisdiction would constitute a violation of the laws of such jurisdiction (“Restricted Jurisdictions”).

This announcement is for information purposes only and does not constitute or form part of any offer to participate in any of the transactions described in this announcement in or from any Restricted Jurisdiction or any other jurisdiction in or from which, or to or from whom, such offer or invitation is unlawful. This announcement may not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed, or sent in, into or from the United States or any other Restricted Jurisdiction, and any persons receiving this announcement must not mail or otherwise forward, distribute or send such document(s) in, into or from the United States or any other Restricted Jurisdiction. In addition, persons into whose possession this document comes should inform themselves about and observe any such restrictions or requirements. Any failure to comply with these restrictions or requirements may constitute a violation of the securities or other laws of such jurisdiction.

No securities referred to in this announcement have been or will be registered under the US Securities Act of 1933, as amended (the “US Securities Act”), or the securities laws of any state of the United States or any Restricted Jurisdiction or any other jurisdiction, and none of the securities may be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. There will be no public offering of any securities in the United States or any other Restricted Jurisdiction. None of this announcement nor any securities mentioned therein has been approved, disapproved or otherwise recommended by any US federal or state securities commission or any other regulatory authority, nor have such authorities passed upon or endorsed the merits of the transactions contemplated in this announcement nor confirmed the accuracy or determined the adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, fund manager, solicitor, accountant or other appropriate independent financial adviser duly authorised under the Financial Services and Markets Act 2000 if you are resident in the United Kingdom or, if not, from any appropriate authorised independent financial adviser.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement.