LONDON (Alliance News) - The Diverse Income Trust PLC and Miton Income Opportunities Trust PLC Monday said the latter's eligible shareholders would receive 7.1965 shares in the Diverse Income Trust for every one share they hold in MIOT as the two companies merge.
The Diverse Income Trust said that MIOT passed a resolution to place itself into liquidation and appoint liquidators at an extraordinary general meeting Monday.
DIVI will acquire nearly all of MIOT's investments, cash and other assets, with the acquisition being funded by the issue of shares to eligible MIOT shareholdrs.
The possibility of a merger was raised on February 15 when MIOT was still known as Henderson Fledgling Trust PLC. Both boards recommended the merger, with the DIVI stating at the time that the merger would increase the liquidity of the shares on the secondary market. The merger was also touted as having the potential to introduce new investors into the DIVI and therefore broadening its base of investors.
DIVI said it has applied to admit 115.7 million shares as part of the merger deal to the London Stock Exchange and expects trading to commence on Tuesday.
DIVI shares were Monday quoted at 73.88 pence, down 0.62 pence, or 0.8%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Diverse Inc (DIVI)