Rights and Issues Investment Trust PLC (RIII)
Rights and Issues Investment Trust PLC: Results for the year ending 31 December 2020
16-Feb-2021 / 16:10 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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RIGHTS AND ISSUES INVESTMENT TRUST PLC
Annual Report & Accounts for the full year to 31st December 2020
A copy of the Company's Annual Report for the year ended 31st December 2020 will shortly be available to view and
download from the Company's website https://www.maitlandgroup.com/investment-trusts/
rights-and-issues-investment-trust-plc/.
Printed copies of the Annual Report will be sent to those shareholders electing to receive hard copies shortly.
Additional copies may be obtained from the Company Secretary - Maitland Administration Services Limited, Hamilton
Centre, Rodney Way, Chelmsford, Essex CM1 3BY.
The Annual General Meeting of the Company will be held electronically on 24th March 2021 at 11am GMT and unfortunately,
due to ongoing COVID-19 restrictions, the meeting will be closed to shareholders. A presentation from the Company's
Investment Director will be made available via the Company's website from 10th March 2021 and shareholders are also
invited to submit any questions in advance of the meeting, by 17th March 2021 at the latest.
The Directors have proposed the payment of a final dividend of 21.5p per Ordinary share which, if approved by
shareholders at the forthcoming Annual General Meeting, will be payable on 1st April 2021 to shareholders whose names
appear on the register at the close of business on 5th March 2021 (ex-dividend 4th March 2021).
The following text is copied from the Annual Report & Accounts for the year ended 31st December 2020.
INVESTMENT OBJECTIVE & POLICY
The Board's objective is to exceed the benchmark index over the long term whilst managing risk.
The Company invests in equities with an emphasis on smaller companies. UK smaller companies will normally constitute at
least 80% of the investment portfolio. UK smaller companies include both listed securities and those quoted on the
Alternative Investment Market ("AIM").
The investment portfolio will normally lie in the range of 80% to 100% of shareholders' funds and therefore gearing
will normally be between -20% and 0%. As a result of the Alternative Investment Fund Managers Regulations 2013 it has
been decided that the Company will not use gearing.
In January 2021 the Board reviewed the performance of the Company in the context of the investment objective, the
investment policy and the continuation of the Company. The Directors unanimously supported the continuation for a
minimum period of five years to 2026.
CAPITAL STRUCTURE
ISSUED SHARE CAPITAL
(at 31st December 2020)
7,540,321 Ordinary shares of 25p each.
INCOME ENTITLEMENT
Equal entitlement to dividends and other
distributions.
CAPITAL ENTITLEMENT
Equal entitlement to the surplus assets.
VOTING
One vote per share.
PRICE (mid-market)
(at 31st December 2020)
2,105.0p.
DIVIDEND YIELD
1.4%.
DISCOUNT MANAGEMENT POLICY
On 7th December 2016, the Company implemented share buy-back arrangements to encourage the level of discount to be not
more than 10%.
SHARE BUY BACKS
During the year to 31st December 2020, the Company did not buy back any shares for cancellation and therefore paid nil
consideration. The Directors have paused the buyback programme as a reflection of both the discount being in the target
range required under the discount management policy and also market uncertainty caused by the COVID-19 pandemic.
DISCOUNT
(at 31st December 2020)
6.8%.
RIGHTS AND ISSUES INVESTMENT TRUST PLC ("THE TRUST" or "THE COMPANY") MAY BE
LIQUIDATED AT ANY TIME, BUT THE BOARD OF DIRECTORS HAS CONCLUDED THAT IT IS NOT ITS
PRESENT INTENTION TO DO SO PRIOR TO 25TH JULY 2026.
Note: The above is a summary of rights. For full information shareholders should refer to the Articles of Association.
HISTORIC RECORD
Year to Net asset value per share Net FTSE All Share FTSE All Share
Net asset value per share Index (Rebased
31st December (Index 1984 = 100) dividend Index
per share 1984 = 100)
1984 29.0p 100 3.80p 592.94 100
1990 75.4p 260 7.50p 1032.60 174
1995 175.0p 602 10.50p 1802.56 304
2000 473.9p 1631 25.50p 2983.81 503
2005 732.0p 2520 40.50p 2847.00 480
2010 776.4p 2673 25.50p 3094.41 522
2011 751.2p 2586 25.50p 2857.88 482
2012 962.0p 3312 26.75p 3093.41 522
2013 1382.5p 4759 40.00p* 3609.63 609
2014 1297.1p 4465 36.00p 3532.74 596
2015? 1595.6p 5492 36.00p 3444.26 581
2016 2002.2p 6892 52.50p* 3873.22 653
2017 2372.3p 8166 30.75p 4221.82 712
2018 2118.1p 7291 31.50p 3675.27 620
2019 2275.2p 7832 32.25p 4196.47 709
2020 2258.9p 7776 32.25p 3673.63 619
* Includes Special Dividend
? From 2015 onwards the historic record is for the Company only and not the Group.
Note: Until 2016 net asset value per share is based on the Capital shares adjusted for the reconstruction (four Ordinary shares for each Capital share). Thereafter, performance is based on the Ordinary shares, formerly named the Income shares (the only remaining share class).
DIRECTORS AND ADVISERS
DIRECTORS Dr D. M. BRAMWELL (Chairman)
D. M. BEST
Dr A. J. HOSTY
S. J. B. KNOTT
J. B. ROPER
REGISTERED OFFICE Hamilton Centre
Rodney Way
Chelmsford CM1 3BY
WEBSITE www.maitlandgroup.com/investment-trusts/
rights-and-issues-investment-trust-plc
ADMINISTRATOR/SECRETARY MAITLAND ADMINISTRATION SERVICES LTD
Hamilton Centre
Rodney Way
Chelmsford CM1 3BY
SOLICITORS EVERSHEDS SUTHERLAND
One Wood Street
London EC2V 7WS
AUDITOR BEGBIES
9 Bonhill Street
London EC2A 4DJ
REGISTRARS LINK MARKET SERVICES LTD
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
BROKERS SHORE CAPITAL
Cassini House
57 St James's Street London SW1A 1LD
BANKERS/CUSTODIAN NORTHERN TRUST COMPANY
50 Bank Street
Canary Wharf
London E14 5NT
REGISTRATION DETAILS
Company Registration Number: 00736898 (Registered in England)
SEDOL number: 0739207
ISIN number: GB0007392078
London Stock Exchange (EPIC) Code: RIII
Global Intermediary Identification Number (GIIN): I2ZVNY.99999.SL.826
Legal Entity Identifier (LEI): 2138002AWAM93Z6BP574
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the fifty-eighth Annual General Meeting of the members of Rights and Issues Investment Trust Public Limited Company will be held electronically on Wednesday 24th March 2021, at 11:00am, for the following purposes:
ORDINARY BUSINESS 1. To receive the audited financial statements and Reports of the Directors and Auditor for the year ended 31st
December 2020. 2. To approve the Annual Report on Directors' Remuneration, set out on pages 27 to 32 in the Annual Report and
Financial Statements 2020 (excluding the Remuneration Policy on pages 30 to 32), for the financial year ended 31st
December 2020. 3. To approve the payment of a final dividend of 21.5 pence per ordinary share for the financial year ended 31st
December 2020. 4. To re-elect Dr D. M. Bramwell as a Director. 5. To re-elect D. M. Best as a Director. 6. To re-elect Dr A. J. Hosty as a Director. 7. To re-elect S. J. B. Knott as a Director. 8. To re-elect J. B. Roper as a Director. 9. To reappoint Begbies as Auditor to the Company, to hold office until the end of the next general meeting at which
accounts are laid before the Company. 10. To authorise the Directors of the Company to determine the Auditor's remuneration.
SPECIAL BUSINESS
To consider and, if thought fit, pass resolutions 11 and 12 as Special Resolutions as follows: 11. THAT the Company be and is hereby generally and unconditionally authorised in accordance with section 701 of the
Companies Act 2006 to make market purchases (within the meaning of section 693 of the Companies Act 2006) of
Ordinary shares, provided that:
11.1 the maximum aggregate number of Ordinary shares hereby authorised to be purchased shall be 1,130,294 (representing approximately 14.99% of the Ordinary shares in issue on 15th February 2021);
11.2 the minimum price (exclusive of expenses) which may be paid for an Ordinary share is 25 pence;
11.3 the maximum price (exclusive of expenses) which may be paid for an Ordinary share is not more than the higher of (i) an amount equal to 105% of the average market value of the Ordinary shares for the five business days immediately preceding the day on which the Ordinary share is purchased; and (ii) the higher of the last independent bid and the highest current independent bid on the London Stock Exchange when the purchase is carried out, or such other amount as may be specified by the FCA from time to time;
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