Issue of Equity

RNS Number : 3881K

Troy Income & Growth Trust Plc

20 August 2012

 



TROY INCOME & GROWTH TRUST PLC

20 AUGUST 2012

ISSUE OF NEW ORDINARY SHARES IN CONNECTION WITH THE RECONSTRUCTION AND WINDING UP OF ALBANY INVESTMENT TRUST PLC

The Board of Troy Income & Growth Trust plc (the "Company") refers to the prospectus published by the Company on 13 July 2012 in connection with the participation of the Company in the proposed scheme for the reconstruction and winding up of Albany Investment Trust plc ("Albany").

The Board is pleased to announce that, following the passing of the resolutions at the general meeting of Albany earlier today, the Company will acquire the net assets of Albany in consideration for the issue of New Shares to Albany Shareholders who elected or were deemed to have elected for new ordinary shares in the Company (the "New Shares").

The number of New Shares to be issued to Albany Shareholders under the Albany Scheme is based on the adjusted Net Asset Value of an Ordinary Share (the "FAV per Ordinary Share") and the adjusted Net Asset Value of an Albany Share (the "Rollover FAV per Albany Share"). The FAV per Ordinary Share and the Rollover FAV per Albany Share were calculated as at close of business on 16 August 2012.  The FAV per Ordinary Share was 56.08 pence (including the Rollover Premium) and the Rollover FAV per Albany Share was 301.59 pence (including the Cash Contribution).  Accordingly, Albany Shareholders will receive approximately 5.378 New Shares for every Albany Share held by them and 38,962,228 New Shares in aggregate will be issued to Albany Shareholders.

Applications have been made for the New Shares to be issued pursuant to the Albany Scheme to be admitted to the Official List (with a Premium Listing) and to the London Stock Exchange for the New Shares to be admitted to trading on the Main Market.  It is expected that Admission will occur and dealings will commence in the New Shares to be issued pursuant to the Albany Scheme at 8.00 a.m. on 21 August 2012.

Total voting rights

Each Ordinary Share has one voting right.  Following the issue of New Shares pursuant to the Albany Scheme, the Company will have 222,084,445 Ordinary Shares in issue.  No Ordinary Shares are held by the Company in treasury.  The total number of voting rights in the Company will therefore be 222,084,445 and this figure may be used by Ordinary Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. 

Definitions

Terms defined in the prospectus published by the Company on 13 July 2012 have the same meanings in this announcement unless the context requires otherwise.

All enquiries

Francis Brooke (Troy Asset Management Limited)

Tel: [phone]

Steven Cowie (Company Secretary)

Tel: [phone]

 

END

 

 

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