15 Dec 2008 14:29
M&G High Income Investment Trust PLC ("M&G High") Participation in the proposed reconstruction of M&G Recovery Investment Company Limited
The Board of M&G High is in discussions with the Board of M&G Recovery Investment Company Limited ("M&G Recovery") which is intending to put forward proposals to coincide with its scheduled wind up date of 31 March 2009.
Under the proposals, M&G Recovery 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 Recovery.
M&G Recovery currently has gross assets of ‚£124 million whilst M&G High has gross assets of ‚£141 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 February 2009.
Enquiries:
Robin Archibald Winterflood Securities 020 3100 0290
Robert Peel Winterflood Securities 020 3100 0291
M & G HIGH INCOME INVESTMENT TRUST PLC