(Alliance News) - Troy Income & Growth Trust PLC said Monday it will acquire GBP11 million in assets from Cameron Investors Trust PLC.
CIT shareholders, on Monday, approved the trust falling into voluntary liquidation, allowing the trust to merger with Troy.
Troy has agreed to issue CIT shareholders with shares in Troy in exchange for the assets.
The number of new shares to be issued was calculated based on a formula asset value per CIT share of 1,075.99 pence and a formula asset value per ordinary share of 82.15p. As a result, CIT shareholders will receive about 13.1 new shares for every CIT share held. In total, 13.6 million new shares will be issued to CIT shareholders.
The shares are expected to begin trading in London on Wednesday, when Troy will have 317.2 million shares in issue.
Shares in Troy Income & Growth Trust closed 0.5% higher in London on Monday at 83.40 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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