3 April 2018
UTILICO EMERGING MARKETS TRUST PLC
(LEI Number: 2138005TJMCWR2394O39)
Completion of Redomicile
Further to the announcement by Utilico Emerging Markets Limited ("UEM Limited") on 28 March 2018 that the Supreme Court of Bermuda had sanctioned the Scheme relating to proposals for the reorganisation of UEM Limited in order to effect its re-domiciliation to the United Kingdom, the Board of Utilico Emerging Markets Trust plc (the "Company" or "UEM") confirms that 234,508,636 ordinary shares of one penny each in the capital of the Company ("Ordinary Shares") have today been admitted to listing on the premium listing segment of the Official List and that trading in such Ordinary Shares on the London Stock Exchange's main market for listed securities became effective at 8.00 a.m. this morning.
John Rennocks, Chairman of Utilico Emerging Markets Trust plc said:
"This final step completes the redomicile process of UEM. We are pleased to be a UK based investment trust with a premium listing on the Main Market of the London Stock Exchange, generally considered to be the 'gold standard' for investment companies. We hope that this has the potential to improve investor perception and narrow the discount, which is currently higher than historical averages. Investors who are seeking emerging market exposure through relatively stable, high-quality companies that are generating strong cash flows and offer an above average yield should find Utilico Emerging Markets Trust plc to be an attractive option".
Charles Jillings, chief executive of UEM's manager ICM Investment Management said:
"There has been no change to the investment objectives or dividend policy and we continue to invest with a long term horizon in well managed, mature, operational investments with strong cashflows. In investment, you've got to have conviction and optimism. That sort of confidence, built up over time, enables us to find investments and makes sure we don't back away from them. And, as of now, we find no shortage of exciting opportunities."
Total Voting Rights
Following admission of the Ordinary Shares referred to above, the Company's issued ordinary share capital will consist of 234,508,636 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
UEM Key Statistics
· A London listed investment trust, with a market capitalisation of approximately £500 million and a 12 year track record
· NAV compound annual total return of 11.9% from inception in 2005 to 28 February 2018
· Outperformance of the MSCI Emerging Markets Total Return Index since launch and over five years.
· Since inception to 28 February 2018, UEM achieved a NAV total return of 315.4% versus the MSCI Emerging Markets Total Return Index (GBP adjusted) of 244.8%
· Increased or maintained the dividend every year since inception, with a current yield of 3.3%
· The investment policy is to generate long-term growth in capital and income (total return) from a portfolio of 60-90 emerging market equities
· Exposure is diversified by geography, with a large concentration in infrastructure, utility and related sectors
· Top 3 Holdings as at 28 February 2018:
1. International Container Terminal Services Inc. 4.7%
2. Ocean Wilsons Holdings Limited 4.1%
3. Alupar Investimento S.A. 3.5%
· Top 3 Sector Split of Investments as at 28 February 2018:
1. Electricity (24.9%)
2. Gas (17.4%)
3. Ports (12.6%)
· Top 3 Geographical Split of Investments as at 28 February 2018:
1. Brazil (23.3%)
2. China including Hong Kong (16.6%)
3. Romania (10.6%)
Name of contact and telephone number for enquiries:
ICM Investment Management Limited +44(0)1372 271486
Charles Jillings / Alastair Moreton
Gay Collins, Mike Foster, Toto Reissland-Burghart +44(0)203 770 7905 / 7907
This information is provided by RNS