CIT Cameron Investors Trust Plc

 
TIDMCIT 
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, 
  PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED 
       STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. 
 
   The information communicated in this announcement is deemed to constitute 
 inside information as stipulated under the Market Abuse Regulations (EU) No. 
   596/2014.  Upon the publication of this announcement, this information is 
                    considered to be in the public domain. 
 
                          CAMERON INVESTORS TRUST PLC 
 
                            PUBLICATION OF CIRCULAR 
 
The Cameron Investors Trust plc (the "Company") has today issued a circular 
(the "Circular") to its shareholders (the "Shareholders") in connection with 
the recommended proposals for the winding up and reconstruction of the Company 
(the "Proposals"). 
 
Introduction 
 
As stated in the prospectus published by the Company on its admission to the 
Official List, the Board has been considering options to increase the size of 
the Company, possibly through a merger with another investment trust. 
 
Following careful consideration of the options available to the Company the 
Board is pleased to announce that it has agreed in principle to merge the 
Company's assets with Troy Income & Growth Trust plc ("TIGT") under the 
Proposals. 
 
The Proposals 
 
Under the Proposals, all Shareholders will roll over their entire investment in 
the Company into shares in TIGT. TIGT is an investment trust which was launched 
in July 1988. Its investment objective is to provide shareholders with an 
attractive income yield and the prospect of income and capital growth by 
investing in a portfolio of predominantly UK equities. Its capital structure is 
the simplest possible for an investment trust, consisting only of ordinary 
shares. 
 
In selecting TIGT as the most suitable rollover vehicle for the Shareholders, 
the Board paid particular regard to the following: 
 
  * TIGT's investment objective and policy are substantially the same as those 
    of the Company and TIGT is managed by the same investment manager; 
  * Shareholders are expected to receive a similar dividend yield on the new 
    TIGT shares; 
  * TIGT has a lower ongoing costs ratio than can be achieved by the Company in 
    its current form; 
  * TIGT has a market capitalisation of over GBP247 million which will provide 
    considerably improved liquidity for Shareholders; and 
  * TIGT operates a discount control mechanism which should reduce the risk 
    that shares will trade at a material discount to their net asset value. 
 
Final interim dividend 
 
The Board intends that the Company will pay a final interim dividend of not 
less than 8 pence per share in respect of the period from 11 June 2019 to 24 
October 2019 to Shareholders on the Company's register at close of business on 
1 November 2019. 
 
Costs of the Proposals 
 
The costs of the Proposals which are to be borne by the Company (including 
irrecoverable VAT and stamp duty and/or stamp duty reserve tax which is payable 
on the transfer of the assets constituting the Rollover Pool from the Company 
to TIGT) are expected to be approximately GBP400,000. No costs will be incurred 
by the Company in terminating its investment management agreement with Troy 
Asset Management Limited. 
 
Conditions of the Proposals 
 
Implementation of the Proposals is subject to a number of conditions, 
including: 
 
  * the passing of the Resolutions at the General Meetings; and 
  * the FCA agreeing to admit the New Shares to the Official List and the 
    London Stock Exchange agreeing to admit the New Shares to trading on its 
    Main Market, subject only to allotment. 
 
General Meetings 
 
The implementation of the Proposals will require Shareholders to vote in favour 
of Resolutions to be proposed at the General Meetings of the Company which have 
been convened for 2.30 p.m. on 8 November 2019 and 11.30 a.m. on 18 November 
2019. The notices convening the General Meetings, which set out in full the 
terms of the Resolutions which are to be proposed, are set out in the Circular. 
The General Meetings will be held at the offices of Dickson Minto W.S., 
Broadgate Tower, 20 Primrose Street, London EC2A 2EW. 
 
General 
 
Expressions used but not defined in this announcement have the meanings 
ascribed to them in the Circular. The Circular is available at 
www.cameroninvestors.co.uk and a copy has been submitted to the National 
Storage Mechanism and will shortly be available for inspection at 
www.morningstar.co.uk/uk/NSM. 
 
Enquiries 
 
PATAC Limited 
 
Company Secretary 
 
0131 538 1400 
 
 
 
END 
 

(END) Dow Jones Newswires

October 22, 2019 07:21 ET (11:21 GMT)

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