PGIZ Pgit Secs 2020

 
TIDMPMGR TIDMPMGZ TIDMPGIZ 
 
30 November 2020 
 
Premier Miton Global Renewables Trust plc (the "Company") 
 
Result of ZDP Issue and Company Update 
 
On 3 November 2020, PGIT Securities 2020 plc ("PGIT Securities 2020"), a wholly 
owned subsidiary of the Company, published a circular containing details of a 
scheme of reconstruction of PGIT Securities 2020 and proposals to offer the 
holders of Existing ZDP Shares in PGIT Securities 2020 the opportunity to elect 
to roll their investment into New ZDP Shares in PMGR Securities 2025 plc. 
 
On 23 November the Board of PGIT Securities 2020 announced that valid Elections 
to participate in the Rollover Option were received in respect of 8,648,877 
Existing ZDP Shares. The Rollover Option was accompanied by a placing of New 
ZDP Shares, and in combination resulted in the issue of GBP14.22 million of New 
ZDP Shares. This is below the size of the maturing ZDP Share issue of GBP30.25 
million, the difference being funded by a sale of assets from the portfolio. 
 
The smaller ZDP issue size will result in a lower level of gearing and will 
therefore, all else being equal, result in lower volatility of the Ordinary 
Shares' net asset value. Also, as there will be a reduction in the size of the 
Company's portfolio, its revenue earnings per share and dividend are expected 
to be lower. 
 
However, the cost of financing being charged to the Ordinary Shares through 
capital will be reduced. In 2019, the last full financial year in which the 
Existing ZDP Shares were in issue, the finance cost from the Existing ZDP 
shares was GBP1.31 million, equivalent to 7.3 pence per Ordinary Share. By 
comparison, pro forma finance costs for the 2021 financial year (based on the 
size of the New ZDP Share issue and its 5.0% annual accrual rate, which 
compares to the accrual rate of the previous issue of 4.75%) are expected to 
fall to GBP0.71 million, or 3.9 pence per Ordinary Share. The smaller size of the 
ZDP issue will result in an increased level of cover for the ZDP Shares, 
improving the risk profile for both classes of shares. 
 
In conjunction with the Company's manager, Premier Fund Managers Limited, the 
directors will carry out a review of the likely revised level of income 
expected to be generated from the portfolio, and intend to make a further 
announcement with regards to future dividends early in the new year. 
 
Contact: 
 
Premier Fund Managers Limited 
 
01483 306090 
 
Claire Long (claire.long@premiermiton.com) 
 
James Smith (james.smith@premiermiton.com) 
 
N+1 Singer 
 
020 7496 3000 
 
James Maxwell (james.maxwell@n1singer.com) 
 
Iqra Amin (iqra.amin@n1singer.com) 
 
 
 
END 
 

(END) Dow Jones Newswires

November 30, 2020 07:11 ET (12:11 GMT)

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