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NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO TO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA.
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
1 June 2021
Baillie Gifford China Growth Trust plc (BGCG)
Legal Entity Identifier: 213800KOK5G3XYI7ZX18
Placing of 2,404,151 New Ordinary Shares at a price of 473.42 pence per share
Baillie Gifford China Growth Trust plc (the "Company") is pleased to announce the completion of the equity placing announced on 5 May 2021 (the "Placing").
A total of 2,404,151 new ordinary shares of 25 pence each in the capital of the Company the ("New Ordinary Shares") will be issued and allotted at a price of 473.42 pence per New Ordinary Share, raising gross proceeds of approximately £11.4 million. The New Ordinary Shares being issued pursuant to the Placing represent approximately 4.0 per cent. of the Company's issued ordinary share capital as at 24 February 2021.
The issue price of the New Ordinary Shares represents a discount of approximately 3.2 per cent. to the Company's share price immediately prior to the announcement of the Placing and a premium of 3.0 per cent. to the latest disclosed net asset value per ordinary share as at 27 May 2021 of 459.63p per ordinary share.
The New Ordinary Shares will, when issued and allotted, be credited as fully paid and rank pari passu with the existing ordinary shares of 25 pence each in the capital of the Company. The New Ordinary Shares will be issued in registered form and may be held in uncertificated form. The New Ordinary Shares will be issued through the CREST system unless otherwise stated. The New Ordinary Shares will be eligible for settlement through CREST with effect from Admission (as defined below).
Applications will be made to the Financial Conduct Authority for admission of the 2,404,151 New Ordinary Shares to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to the London Stock Exchange (the "LSE") for admission to trading of the New Ordinary Shares on the LSE's Main Market for listed securities (together, "Admission"). It is expected that Admission will take place on 3 June 2021 and that unconditional dealings in the New Ordinary Shares on the LSE's Main Market for listed securities will commence at the 8.00 a.m. on 3 June 2021.
The Placing is conditional, among other things, on Admission being effective and the placing agreement between the Company, J.P. Morgan Securities plc and Baillie Gifford & Co. Limited not being terminated in accordance with its terms. The New Ordinary Shares have been placed by J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) ("JPMC"). JPMC acted as sole bookrunner in respect of the placing.
Following Admission, the number of ordinary shares that the Company will have in issue will be 61,787,982 (excluding the 6,560,169 ordinary shares held in treasury). The total number of voting rights of the Company will be 61,787,982 and 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 interest in the Company, under the Disclosure Guidance and Transparency Rules.
Baillie Gifford & Co Limited
Investment Manager and Company Secretary
1 June 2021
For further information, please contact:
Alex Blake 0131 275 2859
Baillie Gifford & Co
William Simmonds (Corporate Finance) 0207 742 4000
James Bouverat / Liam MacDonald-Raggett (Sales)
J.P. Morgan Cazenove
Important Information
The information contained within this announcement is deemed by the Company to constitute inside information for the purpose of the UK version of the Market Abuse Regulation (EU) No. 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time.
This announcement is an advertisement and does not constitute a prospectus. This announcement does not constitute and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement or referred to in other written or oral form is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.
JPMC, which is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated by the PRA and the Financial Conduct Authority, is acting solely for the Company and no-one else in connection with the transactions and arrangements described in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the transactions and arrangements described in this announcement. JPMC is not responsible to anyone other than the Company for providing the protections afforded to clients of JPMC or for providing advice in connection with the contents of this announcement or the transactions and arrangements described herein.
None of the Company, Baillie Gifford & Co Limited or JPMC, or any of their respective affiliates, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, Baillie Gifford & Co Limited and JPMC, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.
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