THIS ANNOUNCEMENT AND THE
INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN,
INTO OR FROM THE UNITED STATES OF AMERICA (INCLUDING ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE
DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE
REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EEA, OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
This announcement is not an offer to sell, or a solicitation
of an offer to acquire, securities in the United States or in any
other jurisdiction in which the same would be unlawful. Neither
this announcement, nor any part of it, shall form the basis of, or
be relied upon in connection with, or act as an inducement to enter
into, any contract or commitment whatsoever.
27 March 2024
STS
Global Income & Growth Trust plc
LEI: 549300UZ1Y7PPQYJGE19
Result of
the Scheme and Issue of New STS Shares
The Board of STS Global Income &
Growth Trust plc (the "Company" or "STS") notes the announcement by the
Board of Troy Income & Growth Trust plc ("TIGT") that, earlier today, TIGT
Shareholders approved the combination of the assets of TIGT with
the assets of the Company by way of the Scheme. Accordingly, the
Board of STS is pleased to announce that the Company will acquire
approximately £118 million of net assets from TIGT in consideration
for the issue of 52,889,037 New Shares to TIGT Shareholders in
accordance with the Scheme.
The number of New Shares to be
issued was calculated based on a STS FAV per Share of 222.637614
pence and a TIGT FAV per Share of 71.868923 pence, producing a
conversion ratio of approximately 0.322806 New Shares for every
TIGT Share rolling over, each calculated in accordance with the
Scheme. As set out in the Shareholder circular published by the
Company on 23 February 2024 (the "Circular"), fractional entitlements to
New Shares arising as a result of the conversion ratio will not be
issued under the Scheme and entitlements to such New Shares will be
rounded down to the nearest whole number.
Applications have been made for the
New Shares to be admitted to listing on the premium segment of the
Official List of the Financial Conduct Authority and to trading on
the main market for listed securities of the London Stock Exchange
(together, "Admission"). It
is expected that Admission will take place at 8.00 a.m. on 28 March
2024.
Following the issue of the New
Shares noted above, the Company's ordinary share capital will
consist of 140,667,415 Shares (excluding Shares held in treasury),
with each Share holding one voting right. An additional 34,520,770
Shares are held in treasury.
The figure
of 140,667,415 Shares may be used by Shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in voting rights, or a
change to their interest in the Company, under the Disclosure
Guidance and Transparency Rules.
Capitalised terms used but not
defined in this announcement will have the same meaning as set out
in the Circular.
The Circular is available for
viewing on the Company's website at https://www.stsplc.co.uk and
the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Chairman of STS, John Evans,
commented:
"The Board of STS is very pleased
with the support shown by the shareholders of STS and TIGT for the
combination of the two Investment companies.
We
believe that the Scheme offers a number of benefits to shareholders
of the enlarged STS (including TIGT Shareholders that have rolled
over their investment under the Scheme). The
combination creates a larger investment trust with significantly
reduced ongoing costs and enhanced marketability. Furthermore, STS
will continue to follow Troy's long term, quality focussed,
conservative investment management style with a global opportunity
set. We believe this remains an attractive strategy for those with
irreplaceable capital and looking for both income and capital
growth."
Enquiries:
STS
Global Income & Growth Trust plc
|
|
John
Evans (Chairman)
|
Contact via J.P. Morgan
Cazenove
|
Juniper Partners Limited
|
+44 (0) 13 1378 0500
|
Company Secretary
|
|
J.P. Morgan Cazenove
|
+44 (0) 20 3493
8000
|
William Simmonds
|
|
Rupert Budge
|
|