Following its announcement on 18 November 2024 that its board had concluded that a voluntary liquidation would be in the best interests of its shareholders, Miton UK MicroCap (MINI) says that its board has agreed non-binding heads of terms with Premier Miton that will give its shareholders the option to roll over their investment into shares in the Premier Miton UK Smaller Companies Fund. This fund is an FCA authorised open-ended investment company with assets of approximately £45.3m and is expected to be the default option for MINI shareholders in the wind up, although shareholders will also be able to elect to receive a cash exit.

MINI says that this proposal follows shareholder feedback in support of the investment manager and will allow shareholders to retain exposure to a small and micro cap strategy. It expects the scheme will take effect during the second quarter of 2025 and will be subject to shareholder approval. MINI says that a further announcement will be made in due course.

Comments from Ashe Windham, MINI’s chairman

“The Board retains a high degree of confidence in Gervais Williams and Martin Turner’s ability to manage UK small and micro cap stocks, but acknowledges that the Company has been through a challenging period of performance with a high level of redemption requests for the 2024 Redemption Point. With this in mind, the Board is proposing the Scheme, which will provide Shareholders with an opportunity to retain exposure to a proven and top-of-class small and micro cap strategy with the same managers through the rollover option.”