8 October
2020
Perpetual Income
and Growth Investment Trust plc
Transaction
update
On 29 July 2020, Perpetual Income
and Growth Investment Trust plc (the “Company”) announced
that it had agreed heads of terms for a combination of the assets
of the Company with Murray Income Trust PLC (“MUT”) by means
of a section 110 scheme of reconstruction under the Insolvency Act
1986 (the “Transaction”), subject to shareholder
approval.
The Company today announces that, as part of the Transaction, it
has entered into an agreement with MUT’s investment manager,
Aberdeen Standard Investments, whereby Aberdeen Standard
Investments via Aberdeen Asset Managers Limited will advise the
Company on its portfolio realignment and transition plan. The
agreement is effective from 8 October
2020 and will enable the Company to manage the realignment
of the Company’s portfolio ahead of the scheme of reconstruction
being implemented and its transition to MUT (the “Transition
Period”). Aberdeen Standard Investments will not receive a fee
from the Company for its advisory services, and Invesco Fund
Managers Limited will remain the Company’s alternative investment
fund manager until the Company enters liquidation.
The portfolio transition and realignment plan aims to ensure
that by the end of the Transition Period, the Company’s portfolio
will have been realigned to be substantially similar to that of
MUT. This will enable the Company's portfolio to be combined with
MUT under the scheme of reconstruction without further material
change.
Further information on the Transaction, including the Company’s
shareholder circular and notice of general meetings, is expected to
be sent to shareholders shortly.
Contacts
Richard Laing, Chairman
Contact through Winterflood
Winterflood Investment Trusts (Corporate Broker)
Joe Winkley / Neil Morgan
Telephone 020 3100 0000
Invesco Fund Managers Limited
Angus Pottinger
Telephone 020 3753 0714
Aberdeen Standard Investments
James Thorneley
Telephone 0776 855 6334