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Capital structure

Capital Structure at 09 February 2018

  Outstanding LSE Code SEDOL ISIN
Ordinary Shares 210,706,455 UEM B0DQY35 BMG931151069
Subscription Shares 28,865,465 UEMS BZ0S611 BMG931071374
Bank facility
(Scotiabank Europe plc)

UEM's Ordinary Shares and Subscription Shares are listed on the Official List maintained by the UK Listing Authority, and are traded on the Main Market of the London Stock Exchange.

Ordinary Shares

75,022,239 Ordinary Shares of 10p each were issued on 20 July 2005. 89,516,576 ordinary shares were issued on 14 July 2006 on conversion of C Shares (issued in May 2006) at a ratio of 0.89516615 Ordinary Shares per C Share (based on the relative NAVs of the two classes of shares at 30 June 2006).

47,141,000 ordinary shares were issued on 14 March 2008, on conversion of the C Shares (issued in December 2007) at a ratio of 0.5546 Ordinary shares per C Share (based on the relative NAVs of the two classes of shares at 29 February 2008).

Since admission further shares have been issued from time to time to the Directors in respect of their fee entitlements, to the Investment Managers in respect of their performance fee, and on the exercise of warrants and Subscription shares. UEM has also bought back and cancelled ordinary shares.

Subscription Shares

The Company made a bonus issue of Subscription Shares on 24 September 2015, on the basis of one Subscription Share for every five Existing Ordinary Shares held on 22 September 2015. Each Subscription Share confers the right (but not the obligation) to subscribe for one Ordinary Share on exercise of the Subscription Shares Rights and on payment of the Subscription Price. The Subscription Share Rights may be exercised on the last business day of each of August 2017 and February 2018, following which they will lapse. The Subscription Price is 183p per share, equal to the unaudited published NAV per Ordinary Share as at 5.00p.m. on 22 September 2015, plus a one per cent premium to such NAV per Ordinary Share, rounded up to the nearest whole pence.

Borrowing and Gearing Policy

UEM has a £50.0m multi-currency facility with Scotiabank Europe plc, which is repayable on 27 April 2018, unless renewed or extended.

Duration of the UEM

UEM has an indefinite life but a continuation resolution will be proposed at the Annual General Meeting to be held in 2021 and at every fifth annual general meeting thereafter.

Substantial Share Interests

UEM was aware, as at 31 March 2017, of the following holdings of 5 per cent and over of its Ordinary Share capital.

  Ordinary Shares held % held
UIL Limited 35,829,628 16.9%
Lazard Asset Management LLC 22,537,694 10.7%
Bank of Montreal clients, including 
    Foreign & Colonial Investment Trust plc
Investec Wealth & Investment Limited 12,308,522 5.8%
Rathbone Investment Management Limited 10,728,364 5.1%