Correction to Results of Tender Offer Announcement Released on 12 October 2026
The Company announces that, following a recalculation, the Company has
identified that the percentage of Excess Applications to be satisfied under the
Tender Offer was incorrectly stated in the announcement entitled "Results of
Tender Offer" released on 12 October 2026.
The announcement stated that Shareholders who validly tendered shares in excess
of their Basic Entitlement would have approximately 20.89 per cent. of their
Excess Applications purchased. The correct figure is 26.24 per cent. of Excess
Applications.
Accordingly, the relevant paragraph should have read:
"Following a scale-back exercise, Shareholders who validly tendered a number of
Shares greater than their Basic Entitlement will have a number of Shares equal
to their Basic Entitlement purchased in full plus approximately 26.24 per cent.
of their Excess Applications, in accordance with the terms of the Tender Offer
set out in the Circular."
All other information contained in the announcement remains unchanged
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, THE
UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD CONSTITUTE A
VIOLATION OF THE LAWS OF SUCH JURISDICTION.
This announcement is not an offer to sell, or a solicitation of an offer to
acquire, securities in any jurisdiction in which the same would be unlawful.
Neither this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into any contract
or commitment whatsoever.
Legal Entity Identifier:213800VMBJH2TCFDZU08
16 October 2026
The Lindsell Train Investment Trust plc
(the `Company' or `LTIT')
Results of Tender Offer
The Board of The Lindsell Train Investment Trust plc (the `Company') is pleased
to announce the results of the Tender Offer announced on 11 September 2026. The
Tender Offer was approved by Shareholders at the Company's General Meeting held
on 8 October 2026.
Tender Price
The Tender Price has been calculated in accordance with the Circular and is
637.2910 pence per Share being 95 per cent. of the Company's Net Asset Value per
Share as at close of business on the Calculation Date of 9 October 2026, which
as described in the circular excludes any costs of the tender.
Tender Offer Results
A total of 6,487,001 Shares were validly tendered under the Tender Offer ("Exit
Shares"), representing approximately 32.5 per cent. of the Company's issued
share capital.
The maximum number of Shares available to be acquired under the Tender Offer was
4,000,000 Shares.
Accordingly:
The Tender Offer was oversubscribed. Eligible Shareholders tendering a
percentage of their Shares equal to or less than their Basic Entitlement shall
have their Exit Shares purchased in full.
Following a scale-back exercise, Shareholders who validly tendered a number of
Shares greater than their Basic Entitlement will have a number of Shares equal
to their Basic Entitlement purchased in full plus approximately 26.24 per cent.
of their Excess Applications, in accordance with the terms of the Tender Offer
set out in the Circular.
None of the Independent Directors nor the IM Founders have participated in the
Tender Offer.
Roger Lambert, Chair of Lindsell Train Investment Trust commented:
"We are pleased with the outcome of the Tender Offer, which has delivered on the
Board's commitment to put choice directly into Shareholders' hands. The Tender
Offer has provided those wishing to exit with an opportunity to realise value at
a price closely linked to the Trust's underlying asset value, while enabling the
Company to continue pursuing its long-term investment strategy.
With more than two-thirds of Shareholders choosing not to tender their shares,
we believe the outcome demonstrates continued confidence in the Company's long
-term investment proposition and its potential to deliver value over time.
Neither the Board nor the Lindsell Train founders participated in the Tender
Offer, reflecting our shared conviction in the Company's future. We believe this
outcome strikes the right balance between providing liquidity for those seeking
an exit and protecting the interests of Shareholders who wish to remain
invested."
Share Capital and Total Voting Rights
Pursuant to the Repurchase Agreement, J.P. Morgan Cazenove will acquire the Exit
Shares and will sell those Exit Shares to the Company. The Exit Shares will
subsequently be cancelled.
Following cancellation of the Exit Shares purchased pursuant to the Tender
Offer, the Company's issued share capital will comprise 16,000,000 Shares with
voting rights. The Company does not hold any shares in treasury.
Accordingly, the total number of voting rights in the Company following
completion of the Tender Offer will be 16,000,000 and Shareholders may use this
figure as the denominator for the calculations by which they determine whether
they are required to notify their interest in the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Settlement
Settlement of the Tender Offer is expected to occur on 20 October 2026. Payments
to Shareholders holding Shares in uncertificated form will be made through CREST
and cheques will be despatched to certificated holders on the same date.
Lindsell Train Limited Share Repurchase
As described in the Circular, the Company has agreed to sell to Lindsell Train
Limited such number of the shares that it holds in the Investment Manager as is
necessary to ensure that the percentage of the Company's portfolio that the
holding in the Investment Manager represents as at the Calculation Date is not
affected by completion of the Tender Offer. Now that the Tender Offer has
closed, the Company can confirm that the number of such shares to be repurchased
by Lindsell Train Limited will be 1,239 shares, at a price of £3,332.02 per
share, determined in accordance with the valuation methodology prescribed by the
articles of association of Lindsell Train Limited.
Expected Timetable
Completion of Tender Offer 16 October 2026
CREST settlement / despatch of 20 October 2026
cheques and balancing share
certificates
The dates set out above may, in certain circumstances, be adjusted by the Board
(in consultation with J.P. Morgan Cazenove), in which event, details of the new
dates will be notified, as required, to the London Stock Exchange and, where
appropriate, to Shareholders and an announcement will be made through a
Regulatory Information Service.
All references in this announcement to times are to London times.
Capitalised terms used in this announcement shall, unless the context otherwise
requires, have the meanings given to them in the Circular.
For further information:
Senior Company Secretary
Victoria Hale
Tel: 0203 1708732
J.P. Morgan Cazenove (Corporate Broker)
William Simmonds / Rupert Budge
Tel: 020 3493 8000
Quill PR (Media Enquiries)
Sarah Gibbons-Cook/Robbie Lawther/Emma Taylor
Tel: 07702 412680 / Email: LindsellTrain@quillpr.com
Important information
J.P. Morgan Securities plc, which conducts its UK investment banking business as
J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United
Kingdom by the Prudential Regulation Authority and regulated by the Prudential
Regulation Authority and the Financial Conduct Authority. J.P. Morgan Cazenove
is acting exclusively for the Company and no-one else in relation to the Tender
Offer and the matters referred to in this announcement and will not regard any
other person as its client in relation to the Tender Offer and will not be
responsible to anyone other than the Company for providing the protections
afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing
advice in relation to the Tender Offer or any matter or arrangements referred to
in this document. Nothing in this document shall serve to exclude or limit any
responsibilities which J.P. Morgan Cazenove may have under FSMA or the
regulatory regime thereunder.
The distribution of this announcement in certain jurisdictions may be restricted
by law. It is the responsibility of all Overseas Shareholders to satisfy
themselves as to the observance of any legal requirements in their jurisdiction,
including, without limitation, any relevant requirements in relation to the
ability of such holders to participate in the Tender Offer.
About Lindsell Train Investment Trust plc
https://www.ltit.co.uk
The Lindsell Train Investment Trust plc (LSE:
LTI (https://www.londonstockexchange.com/stock/LTI/lindsell-train-investment
-trust-plc/company-page)) is a UK-listed, closed-ended investment trust managed
by Lindsell Train Limited (https://www.lindselltrain.com/), with the objective
of maximising long-term total returns while preserving the real purchasing power
of Sterling capital. The trust is distinguished by its highly concentrated, low
-turnover portfolio, which combines a substantial direct equity stake in its
investment manager, Lindsell Train Limited, with a select portfolio of high
-quality global equities intended to compound value over the long term.
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