30 October
2020
Perpetual Income
and Growth Investment Trust plc
Transaction
update
On 8 October 2020 Perpetual Income
and Growth Investment Trust plc (the “Company”) announced
that it had agreed the basis upon which Aberdeen Standard
Investments (“ASI”) would advise the Company on its
portfolio realignment and transition plan ahead of the Company’s
section 110 scheme of reconstruction (details of which were
announced on 12 October 2020)
(referred to below as the “Realignment and Transition
Plan” and the “Transaction” respectively). Invesco Fund
Managers Limited remains the Company’s alternative investment fund
manager until the Company enters liquidation, expected on
17 November 2020.
The Company announces that, under the Realignment and Transition
Plan, the proportion of the Company’s portfolio that will be
combined with that of Murray Income Trust PLC (“MUT”) as
part of the Transaction is now fully aligned with ASI’s target
portfolio for MUT as enlarged by the Transaction. The remainder of
the Company’s original portfolio (being approximately 26% of
assets), consists of cash, cash equivalents and holdings with high
degrees of liquidity that have yet to be sold. These holdings will
be realised in time to fund the final interim dividend, which is
expected to be paid on 13 November
2020, payments to those shareholders that elect for the cash
option under the Transaction and the Company's costs under the
Transaction.
Further information on the Transaction can be found in the
Company’s shareholder circular that was published on 12 October 2020 and is available on the Company’s
website at
https://www.invesco.com/uk/en/investment-trusts/individual/perpetual-income-and-growth-investment-trust-plc.html.
Contacts
Richard Laing, Chairman
Contact through Winterflood
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley / Neil Morgan
Telephone 020 3100 0301 / 0292