PLI Perpetual Income And Growth Investment Trust Plc

 
TIDMPLI 
 
6 April 2020 
 
               Perpetual Income and Growth Investment Trust plc 
 
                       Review of Management Arrangements 
 
The Board of Perpetual Income and Growth Investment Trust plc (the "Company") 
today announces that it has served Invesco Fund Managers Limited ("Invesco") 
with protective notice of termination, following an extended period of 
underperformance of the Company's benchmark.  This decision has not been taken 
lightly, particularly given the current market environment, but the Board has 
previously made it clear that it was concerned with the Company's poor 
performance and this continued for the most recent financial year which ended 
31 March 2020. 
 
The Board has therefore commenced a search for a potential new manager with the 
credentials and capacity to deliver capital growth and real growth in dividends 
over the medium to longer term from UK equities.  The Board has engaged Mercer, 
a leading global consultancy firm, to lead this search alongside Winterflood 
Securities Limited ("Winterflood"), the Company's broker and financial adviser. 
 
Interested parties should contact Winterflood to indicate their interest in 
participating in the process by 5.00 p.m. 17 April 2020. 
 
Richard Laing, Chairman of the Company, said: 
 
"Serving Invesco with protective notice of termination following an extended 
period of underperformance of the Company's benchmark was a considered decision 
by the Board following regular rigorous reviews and many challenging 
discussions with Mark Barnett and the broader Invesco team. 
 
"The Board had previously made it clear on several occasions that it was 
concerned with the Company's poor performance and further intensified scrutiny 
on the manager's investment approach.  We gave Invesco time to build on the 
early 'Brexit Bounce' that was anticipated, but this proved to be short-lived. 
At the half year, performance was below the benchmark and this has continued in 
the second half to 31 March.   The Board is mindful of the market environment, 
but feel compelled to announce the decision today to replace the manager." 
 
Important Information 
 
This announcement contains information that is inside information for the 
purposes of the Market Abuse Regulation (EU) No. 596/2014.  The person 
responsible for arranging for the release of this announcement on behalf of the 
Company is Paul Griggs of Invesco Asset Management Limited. 
 
LEI: 549300UIWJ7E60WUQZ16 
 
Contact Details 
 
Richard Laing, Chairman 
Contact through Winterflood or Montfort 
 
Winterflood Investment Trusts (Corporate Broker) 
Joe Winkley / Neil Morgan 
Telephone 020 3100 0000 
 
Montfort Communications 
Gay Collins - 07798 626282 
Claire Lewis - 07825 588626 
pli@montfort.london 
 
 
 
END 
 

(END) Dow Jones Newswires

April 06, 2020 02:00 ET (06:00 GMT)

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