Possible C Share Issue and Redemption Results

Possible C Share Issue and Results of 31 May 2012 Redemption Point

Since the Company's admission to listing on 28 April 2011, its NAV has
outperformed the FTSE All Share Index and most UK Income and Growth Trusts. In
addition, the Company's NAV has behaved in a relatively resilient manner during
a period of significant turbulence in global markets. Since IPO the Company has
paid shareholders dividends totalling 4.52 pence per Share.

The Board are encouraged that the Company has not received any requests from
Shareholders to redeem their Shares at the 31 May 2012 Redemption Point and by
the support shown by Shareholders for its investment strategy, with the
Company's shares trading at an average of 2.6% premium to NAV since IPO and at
a premium of 6.5% as at close of business on 18 May 2012.

Accordingly, the Board is considering scaling up the Company's capital base
through a C Share issue of up to £50 million of gross proceeds. Any such
fundraising would be expected to reduce the Total Expense Ratio as well as
broaden the Company's investor base to improve market liquidity for existing
Shareholders. 

Any fundraising would be structured so as not to be dilutive to existing
Shareholders' NAV with any costs being borne by subscribers of the C Share
issue.

Any eventual issue of C Shares would be expected to take place in July 2012.

The Company is taking legal, tax and financial advice and will make a further
announcement in due course.  

For further information please contact:

MAM Funds plc

Gervais Williams [e-mail] [phone]

Cenkos Securities plc

Chris Lunn [e-mail] [phone]

Dion Di Miceli [e-mail] [phone]

MHP Communications

Email: [e-mail]

Gay Collins [e-mail] [phone]

[phone]

Laura Batty [e-mail] [phone]