24 Jun 2008 09:59
24 June 2008
M&G High Income Investment Trust plc ("M&G High")
Participation in the proposed reconstruction of M&G Income Investment Company Limited
The Board of M&G High is in discussions with the Board of M&G Income Investment Company Limited ("M&G Income") which is intending to put forward proposals to coincide with its wind up date of 31 October 2008.
Under the proposals, M&G Income will be wound up and its shareholders will be offered the choice of a tax and cost efficient roll-over into new shares to be issued by M&G High, a full cash exit (at liquidation value) and at least one open-ended investment company managed by M&G, the manager of M&G High and M&G Income.
M&G Income currently has gross assets of ‚£206 million whilst M&G High has gross assets of ‚£69 million and has a wind up date of 17 March 2017. Both companies are managed by the same investment team at M&G, have similar investment objectives and are split capital investment companies.
Precise details of the proposals will be announced in late summer.
For any enquiries regarding this announcement please contact:
Robin Archibald Winterflood Securities 020 3100 0290
Jane Lewis Winterflood Securities 020 3100 0295
Jonathan McClellandCompany Secretary 0207 548 3027
M & G HIGH INCOME INVESTMENT TRUST PLC