Update on Investment Management Arrangements

RNS Number : 0540F

Securities Trust of Scotland PLC

12 November 2020

 

12 November 2020

Securities Trust of Scotland plc

Update on Change of Investment Management Arrangements

Further to the announcement made on 17 September 2020, the Board of Securities Trust of Scotland plc (the "Company") is pleased to announce that Troy Asset Management Limited has been formally appointed as the Company's investment manager, with James Harries as the named fund manager, and PATAC Limited has been appointed as the Company's alternative investment fund manager, company secretary and administrator.

The Company's depositary has changed from State Street Trustees Limited to JP Morgan Europe Limited and its custodian has changed from State Street Bank and Trust Company to JP Morgan Chase Bank, N.A.

Furthermore, the Company's registered address has changed to 28 Walker Street, Edinburgh EH3 7HR.

Introduction of a discount control mechanism

As announced previously, the Board has introduced a discount control mechanism under which the Company will aim to ensure, in normal market conditions, that the shares trade consistently close to their net asset value ("NAV"). The Company will seek to buy back shares if the shares are trading at a discount to their underlying NAV and conversely will look to issue shares if the Company's shares are trading at a premium to their underlying NAV. The aim will be to protect shareholders from the Company trading at a material discount to NAV, whilst also enabling growth through NAV accretive share issuance when the Company is trading at a premium to NAV.

New website

Further information about the Company and the investment manager can be found at the Company's new website: www.stsplc.co.uk .

Enquiries:

Securities Trust of Scotland plc , via J.P. Morgan Cazenove

John Evans (Chairman)

J.P. Morgan Cazenove   [phone]

William Simmonds

Troy Asset Management Limited  [phone]

Fritz von Westenholz

PATAC Limited   [phone]

LEI: 549300UZ1Y7PPQYJGE19

Past performance cannot be relied on as a guide to future performance.

 

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