THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR THE REPUBLIC OF SOUTH AFRICA

20 March 2017

London & St. Lawrence Investment Company PLC (the “Company”)

Publication of circular and notices of general meetings

Further to the Company’s announcement on 26 January 2017 in relation to a proposed scheme of reconstruction under section 110 of the Insolvency Act, 1986 (as amended) and members’ voluntary liquidation (the “Scheme”), the Company has published a shareholder circular (the “Circular”) and notices of general meetings.

The Proposals

Under the Scheme, Ordinary Shareholders (who are not Restricted Shareholders) are being offered a choice of the following:

• a tax and cost efficient rollover into the Practical Investment Fund, a unit trust with a similar income-focused strategy to the Company and managed by the same management team who manage the Company’s portfolio; and/or
• a cash exit at NAV (on the Calculation Date) less costs.

As part of the Proposals, and in conjunction with the liquidation of the Company, it is also proposed that Consistent Unit Trust Management Company Limited, which is currently a wholly-owned subsidiary of the Company, is sold to the Ashfield Consortium. In addition, Aviva has agreed with the Company, subject to certain conditions, to make a contribution to the costs of implementing the Proposals. Further details of both of these matters are set out in the Circular.

The Proposals are subject to shareholder approval. If the Proposals are not approved by shareholders the Company will continue as presently constituted as an investment trust.

Benefits of the Scheme

The Directors consider the Scheme should have the following benefits:

• it removes the uncertainty that has arisen by virtue of Aviva's desire to divest its holding in the Company;
• the Scheme provides Ordinary Shareholders with optionality, allowing those who wish to divest some or all their holdings to receive a cash distribution and, for those who wish to remain invested (in whole or in part), a tax efficient roll-over into a vehicle with similar investment objectives and managed by the same management team;
• by virtue of Aviva's contribution to the costs of the Scheme it is a cost effective solution for Shareholders;
• it will enable Ordinary Shareholders who are deemed to elect for the roll-over option to retain market exposure through a vehicle whose portfolio is managed by the same team that manages the Company's portfolio and whose investment objectives are similar;
• Ordinary Shareholders who may be subject to UK capital gains or corporation tax on gains on their investment in the Company should be able to rollover this investment into Practical Income Units without crystallising an immediate charge to UK capital gains tax or corporation tax on gains;
• Ordinary Shareholders who are deemed to elect for the Default Option will not be required to pay any initial charge or meet any requirement for a minimum subscription level in the Practical Investment Fund.  The Practical Investment Fund also offers daily subscriptions and redemptions at net asset value; and
• it is expected that the proposed purchase of Consistent by the Ashfield Consortium will allow the Company to achieve an uplift to the carrying book value of Consistent.

An electronic copy of the Circular and Notices has been submitted to the National Storage Mechanism and will shortly be available for inspection at:  http://www.morningstar.co.uk/uk/NSM and can also be obtained from the Company's website at: http://www.londonandstlawrence.com/.

The First General Meeting on 12 April 2017 and the Second General Meeting on 20 April 2017 will both be held at the offices of Gowling WLG (UK) LLP, 4 More London Riverside, London SE1 2AU.

Expected Timetable

Unless otherwise stated in the announcement, capitalised terms are as defined in the Circular.

This announcement does not contain all the information which is contained in the Circular and Shareholders should read the Circular published by the Company today in its entirety.

Enquiries

London & St Lawrence Investment Company PLC

Sean Ashfield                                               +44 (0)207 149 6695

Jenny Sculley                               +44 (0)1296 711598

Cenkos Securities plc

Sapna Shah                                 +44 (0)20 7397 1922

Shamus Henderson                   +44 (0)20 7397 1917

Francesc Garcia-Uriel                +44 (0)20 7397 1920

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU/596/2014).

The content of this announcement has been prepared by, and is the sole responsibility of, London and St Lawrence Investment Company plc. 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. Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement.  The distribution of this announcement into jurisdictions other than the United Kingdom may be restricted by law.  Any failure to comply with these restrictions may constitute a violation of the securities laws or regulations of any such jurisdiction.  In particular, this announcement should not be distributed, forwarded to or transmitted, directly or indirectly, in whole or in part, in, into or from the United States, Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction where to do so may constitute a violation of the securities laws or regulations of any such jurisdiction.  Cenkos Securities plc, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Cenkos Securities plc or advice to any other person in relation to the matters contained herein.