Alliance Trust PLC – Conversion of Merger Reserve Update

Alliance Trust PLC

Conversion of Merger Reserve Update

Alliance Trust PLC (the “Company“) announces that the final hearing in the Court process to convert its £645 million Merger Reserve into a distributable reserve is expected to be held on 8 July 2021 (the “Final Hearing“). Further details of the proposed conversion of the Merger Reserve are set out in the Company’s notice of its 2021 annual general meeting (the “Notice“). A copy of the Notice is available on the Company’s website at
www.alliancetrust.co.uk.

As described in the Notice, a bonus issue (the “Bonus Issue“) of deferred shares each having a nominal value to be determined as at the date of the Bonus Issue (each a “Deferred Share“) shall occur on the evening of 7 July 2021 (being the day before the Final Hearing). Accordingly, the record time for the bonus issue shall be 6.00 p.m. on 7 July 2021 (the “Record Time“). The nominal value of each Deferred Share shall be determined as described in the Notice.

One Deferred Share shall be issued for each ordinary share of £0.025 in issue as at the Record Time. In addition, and as described in the Notice, the Deferred Shares will not be admitted to trading on the main market of London Stock Exchange plc or any other market. No share certificates will be issued in respect of the Deferred Shares. The Deferred Shares will have extremely limited rights; in particular, the Deferred Shares will carry no rights to participate in the profits of the Company and no rights to participate in the Company’s assets, save on a winding up. Whilst Deferred Shares will be transferable, no market is expected to exist in them and it is expected that the Court will confirm their cancellation at the Final Hearing (being the day after their issue).

The Company will announce the outcome of the Final Hearing on 8 July 2021.