9 Nov 2020 14:35
Perpetual Income & Growth Investment Trust Plc - Result of MeetingPerpetual Income & Growth Investment Trust Plc - Result of Meeting
PR Newswire
London, November 9
9 November 2020
PERPETUAL INCOME & GROWTH INVESTMENT TRUST PLC (the “Company”)
Results of First General Meeting and Results of Elections
Results of First General Meeting
In connection with the proposals for a combination of the assets of the Company with Murray Income Trust plc (“Murray Income” or "MUT") by means of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 (the “Scheme”), the Board is pleased to announce that the special resolutions, which were put forward at the First General Meeting held today, have been approved by Shareholders.
| Resolution number | Votes For | % | Votes Against | % | Votes Total | % ISC | Votes Withheld |
| 1. To approve the reclassification of the shares in the capital of the Company as shares with “A” rights and shares with “B” rights and to approve changes required to the Company’s articles of association | 70,247,488 | 99.50 | 352,012 | 0.50 | 70,599,500 | 33.01 | 65,775 |
| 2. To approve the scheme of reconstruction and winding up of the Company (the "Scheme") subject to certain conditions being satisfied | 70,246,720 | 99.49 | 356,701 | 0.51 | 70,603,421 | 33.01 | 61,854 |
The full text of the special resolutions can be found in the notice of First General Meeting contained in the Company’s circular to Shareholders dated 12 October 2020 (the "Circular"). The Circular is available for viewing at the National Storage Mechanism which can be located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company’s website, https://www.invesco.com/uk/en/investment-trusts/individual/perpetual-income-and-growth-investment-trust-plc.html
Results of Elections
The Company received the following elections (including deemed elections) in connection with the Scheme:
Rollover Option: 141,052,192 Shares
Cash Option: 72,801,139 Shares
The Cash Option, which is limited to 20 per cent. of the Shares in issue (excluding Shares held in treasury), was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New MUT Shares on a pro rata basis. Excess Applications will be satisfied to the extent of approximately 40.1 per cent. of the excess Applications made.
In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option.
Accordingly, after scaling back Excess Applications, 80 per cent. of the Company’s Shares will rollover into Murray Income, with the balance taking the Cash Option.
Therefore, the Shares will be reclassified as follows:
171,082,665 Shares with "A" rights, being the right to receive New MUT Shares; and
42,770,666 Shares with "B" rights, being the right to receive cash.
The amendment to the listing of the Shares has been requested and dealings in the Reclassified Shares are expected to commence at 8:00 a.m. on 16 November 2020, and the listing and dealings in Reclassified Shares is subsequently expected to be suspended at 7:30 am on 17 November 2020.
Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.
Contacts
Richard Laing, ChairmanContact through Winterflood
Winterflood Investment Trusts (Corporate Broker)Neil MorganTelephone 020 3100 0292
Invesco Fund Managers LimitedAngus PottingerTelephone 020 3753 0714
Note: The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the document referred to above, is neither incorporated into nor forms part of the above announcement.