PMGR Premier Miton Global Renewables Trust Plc

 
TIDMPGIT TIDMPGIZ 
 
16 September 2020 
 
       PREMIER GLOBAL INFRASTRUCTURE TRUST PLC ("PGIT" or the "Company") 
 
                                      and 
 
                       PGIT SECURITIES 2020 PLC ("PGIZ") 
 
                            (together, the "Group") 
 
Publication of Circular, Notice of General Meeting and zero dividend preference 
("ZDP") share Class Meeting (together, the "Notice of Meetings") in relation to 
     proposed amendment to the Company's investment policy and name change 
 
                   Update regarding PGIZ's scheduled wind up 
 
The Company announces that it will today post to its ordinary shareholders in 
PGIT and ZDP shareholders in PGIZ (together, the "Shareholders") a circular 
(the "Circular") in relation to the Company seeking approval from Shareholders 
to amend its investment policy and, if the Company's new investment policy is 
adopted, to change its name to Premier Miton Global Renewables Trust PLC 
(together, the "Proposals"). 
 
These changes will see the Company move away from its previous emphasis on 
investments in equity and equity-related securities of companies operating in 
the energy and water sectors generally, as well as other generic infrastructure 
investments, to a more targeted investment proposition that is dedicated to 
renewable energy and sustainable infrastructure investments. 
 
The Board believes that this change in investment strategy will build on the 
Company's current investments in the renewable energy sector, as well as its 
other related sustainable infrastructure investments, and will best secure the 
Company's future success by affording existing and potential new ordinary 
shareholders the opportunity to access attractive financial investments in the 
growing renewable energy market, which has significant investment capacity. 
 
The proposed amendments to the Company's investment policy are set out in the 
Appendix to this announcement. 
 
Implementation of the Proposals requires the approval of ordinary shareholders 
and is therefore conditional on the passing of the resolutions to approve the 
change in investment policy and name that will be proposed at a general meeting 
to be held at 12:10 p.m. (or, if later, immediately after the conclusion of the 
ZDP class meeting) on 9 October 2020, notice of which is set out in the 
Circular. 
 
In addition, any material change to the Company's investment policy may only be 
made with the prior sanction of ZDP shareholders in PGIZ, the Company's 
subsidiary. As such, the change to the Company's investment policy is also 
conditional on the passing of a resolution that will be proposed at a separate 
ZDP class meeting to be held at 12:00 p.m. on 9 October 2020, notice of which 
is also set out in the Circular. 
 
The Circular, Notice of Meetings, together with the forms of proxy, will be 
submitted to the National Storage Mechanism and will shortly be available for 
inspection  at  https://data.fca.org.uk/#/nsm/nationalstoragemechanism and will 
also be available to download from the Company's website https:// 
www.premierfunds.co.uk/premier-global-infrastructure-trust-plc. Each of the 
documents may also be obtained from the Company Secretary. 
 
Update regarding PGIZ's scheduled wind up 
 
The Company also provides a separate update in relation to PGIZ. 
 
Following the approval by the Company's shareholders of the resolution at this 
year's annual general meeting to continue the Company's life until the annual 
general meeting in 2025, the Board has considered the various options that may 
be available for refinancing the ZDP shares nearer to the scheduled winding up 
of PGIT Securities 2020 PLC on 30 November 2020.  It is noted that upon its 
scheduled winding up ZDP shareholders in PGIT Securities 2020 PLC have a right 
to receive a final capital entitlement of 125.6519p per ZDP Share 
(approximately GBP30.2 million in total). 
 
The options being considered by the Board include the issuance by the Group of 
a follow-on zero dividend preference share, to allow ZDP shareholders who wish 
to do so the opportunity to roll over their investment into a similar 
investment, for which the Board believes there would be sufficient demand. 
 
Against this background, the Board has requested the Group's manager, Premier 
Fund Managers Limited, and its financial adviser, Nplus1 Singer Advisory LLP, 
to consult with certain of the Group's ZDP shareholders to ascertain their 
views.  A further announcement will be made regarding the feedback from these 
consultations in due course. 
 
Enquiries: 
 
Premier Fund Managers Limited          + 44 (0) 1483 30 60 90 
 
 
James Smith 
Claire Long 
 
N+1 Singer                             +44 (0) 20 7496 3000 
 
James Maxwell 
Iqra Amin 
 
Appendix 
 
If approved by ZDP shareholders at the ZDP class meeting and ordinary 
shareholders at the general meeting, the Company's investment policy will be 
restated, as will the means by which the Company will achieve its investment 
objective, as follows with effect from the end of the general meeting: 
 
Investment objective 
 
The investment objectives of the Company are to achieve a high income from, and 
to realise long-term growth in the capital value of its portfolio. The Company 
seeks to achieve these objectives by investing principally in equity and equity 
related securities of companies operating primarily in the renewable energy 
sector, as well as other sustainable infrastructure investments. 
 
Investment policy 
 
The investment policy of the Company is that, in normal market conditions, the 
portfolio of the Company should consist primarily of a diversified portfolio of 
equity and equity-related securities of companies operating in the renewable 
energy   sector, as well as other sustainable infrastructure investments. There 
are no restrictions on the proportion of the portfolio of the Company which may 
be invested in any one geographical area or asset class but no more than 15 per 
cent. of the Company's assets, at the time of acquisition, will be invested in 
securities issued by any investee company. The Company may also invest up to 15 
per cent. of its gross assets in investment companies provided they themselves 
invest in renewable energy and other sustainable infrastructure. However, not 
more than 10 per cent. of the Company's gross assets may be invested in other 
UK listed closed-ended investment funds unless such funds themselves have 
published investment policies to invest not more than 15 per cent. of their 
total assets in other UK listed closed-ended investment funds (provided they 
themselves invest in renewable energy and other sustainable infrastructure). 
The Company may invest up to 15 per cent. of its gross assets in unquoted 
securities. 
 
There are no borrowings under financial instruments or the equivalent of 
financial instruments but investors should be aware of the gearing effect of 
ZDP shares within the Group's capital structure. The Company's policy is not to 
employ any gearing through long-term bank borrowing. The Group can, however, 
employ gearing through the issue of ZDP shares by a subsidiary of the Company. 
The Group is not subject to a maximum level of such gearing save that the 
number of new ZDP shares that may be issued is limited by the applicable cover 
test in respect of those ZDP shares. 
 
The Company will manage and invest its assets in accordance with its published 
investment policy. Any material change to this policy will only be made with 
the approval of ordinary Shareholders by ordinary resolution and the prior 
sanction of a special resolution of ZDP shareholders, unless otherwise 
permitted by the Listing Rules. 
 
 
 
END 
 

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