9 November 2020
PERPETUAL INCOME
& GROWTH INVESTMENT TRUST PLC (the “Company”)
Results of First
General Meeting and Results of Elections
Results of First General Meeting
In connection with the proposals for a combination of the assets
of the Company with Murray Income Trust plc (“Murray Income” or
"MUT") by means of a scheme of reconstruction and winding up of the
Company under section 110 of the Insolvency Act 1986 (the
“Scheme”), the Board is pleased to announce that the special
resolutions, which were put forward at the First General Meeting
held today, have been approved by Shareholders.
Resolution number |
Votes
For |
% |
Votes
Against |
% |
Votes
Total |
%
ISC |
Votes
Withheld |
1. To approve the
reclassification of the shares in the capital of the Company as
shares with “A” rights and shares with “B” rights and to approve
changes required to the Company’s articles of association |
70,247,488 |
99.50 |
352,012 |
0.50 |
70,599,500 |
33.01 |
65,775 |
2. To approve the
scheme of reconstruction and winding up of the Company (the
"Scheme") subject to certain conditions being satisfied |
70,246,720 |
99.49 |
356,701 |
0.51 |
70,603,421 |
33.01 |
61,854 |
The full text of the special resolutions can be found in the
notice of First General Meeting contained in the Company’s circular
to Shareholders dated 12 October 2020
(the "Circular"). The Circular is available for viewing at the
National Storage Mechanism which can be located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the
Company’s website,
https://www.invesco.com/uk/en/investment-trusts/individual/perpetual-income-and-growth-investment-trust-plc.html
Results of Elections
The Company received the following elections (including deemed
elections) in connection with the Scheme:
-
Rollover Option: 141,052,192 Shares
-
Cash Option: 72,801,139 Shares
The Cash Option, which is limited to 20 per cent. of the Shares
in issue (excluding Shares held in treasury), was therefore
oversubscribed. Accordingly, the Basic Entitlement of all
Shareholders who have validly elected or deemed to have elected for
the Cash Option will be accepted in full and Excess Applications
for the Cash Option will be scaled back into New MUT Shares on a
pro rata basis. Excess Applications will be satisfied to the
extent of approximately 40.1 per cent. of the excess Applications
made.
In accordance with the Scheme, eligible Shareholders that made
no Election have been deemed to have elected for the Rollover
Option.
Accordingly, after scaling back Excess Applications, 80 per
cent. of the Company’s Shares will rollover into Murray Income,
with the balance taking the Cash Option.
Therefore, the Shares will be reclassified as follows:
-
171,082,665 Shares with "A" rights, being the right to receive
New MUT Shares; and
-
42,770,666 Shares with "B" rights, being the right to receive
cash.
The amendment to the listing of the Shares has been requested
and dealings in the Reclassified Shares are expected to commence at
8:00 a.m. on 16 November 2020, and the listing and dealings in
Reclassified Shares is subsequently expected to be suspended at
7:30 am on 17
November 2020.
Defined terms used in this announcement have the meanings given
in the Circular unless the context otherwise requires.
Contacts
Richard Laing, Chairman
Contact through Winterflood
Winterflood Investment Trusts (Corporate Broker)
Neil Morgan
Telephone 020 3100 0292
Invesco Fund Managers Limited
Angus Pottinger
Telephone 020 3753 0714
Note: The content of the Company's
web-pages and the content of any website or pages which may be
accessed through hyperlinks on the Company's web-pages, other than
the content of the document referred to above, is neither
incorporated into nor forms part of the above announcement.