Business
Proposed Share Issue
Proposed Share Issue.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3645A\n City of London Investment Group PLC\n 29 September 2020\n \n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO \n \n \n THE UNITED STATES\n \n \n , \n \n \n AUSTRALIA\n \n \n , \n \n \n CANADA\n \n \n , \n \n \n JAPAN \n \n \n OR THE \n \n \n REPUBLIC OF SOUTH AFRICA\n \n \n OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW. PLEASE SEE THE PARAGRAPH HEADED IMPORTANT NOTICE IN THIS ANNOUNCEMENT.\n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n 29 September 2020\n \n \n \n \n \n CITY OF LONDON INVESTMENT GROUP PLC\n \n \n (\"CLIG\", the \"Group\" or the \"Company\")\n \n \n Proposed Share issue in respect of all Share Merger of CLIG with Karpus Management Inc. (\"KMI\")\n \n \n As announced on 9 June 2020, \n the consideration due under the proposed merger (the \n \"\n \n Merger\n \n \"\n ) of CLIG with Karpus Management Inc (\n \"\n \n KMI\n \n \"\n ), \n is to be satisfied through the issue of new shares in the capital of the Company (\"New Shares\"). As the aggregate assets under management of KMI's clients who have consented to the Merger is greater than US$3.0595 billion as at 28 September 2020, KMI Stockholders will receive, on the terms and subject to the conditions of the Merger Agreement, the maximum share consideration of 79.18 New Shares for every KMI Share, with any fractional entitlement to New Shares forfeited by the KMI Stockholders. Accordingly, after adjustment in respect of fractional entitlements, a total of 24,118,388 New Shares will be issued to KMI Stockholders.\n \n \n Application has been made for the New Shares to be listed on the premium segment of the Official List and to be admitted to trading on the premium segment of the main market of the LSE, in each case upon Completion, which is expected to be on 1 October 2020. \n \n \n Immediately following Admission of the New Shares,...