Posting of Circular Convening a General Meeting

RNS Number : 5229B

Troy Income & Growth Trust Plc

17 April 2012

 



TROY INCOME & GROWTH TRUST PLC

To:                   RNS

From:              Troy Income & Growth Trust plc

Date:               17 April 2012

POSTING OF CIRCULAR CONVENING A GENERAL MEETING

In order to meet the continuing demand for shares in Troy Income & Growth Trust plc (the "Company"), the board of directors of the Company (the "Board") is seeking an early renewal of its authority to issue shares for cash on a non pre-emptive basis.

Accordingly, the Company has today issued a circular convening a general meeting (the "General Meeting") to be held at 10.00 a.m. on Tuesday, 15 May 2012 at 10 St. Colme Street, Edinburgh EH3 6AA.

At the General Meeting, resolutions will be put to shareholders (i) to give the Board authority to allot new shares up to an aggregate nominal amount of £25,000,000; and (ii) to disapply rights of pre-emption in relation to the allotment of shares up to an aggregate nominal amount of £25,000,000.

The Board operates a discount and premium control policy to ensure that the Company's shares always trade at close to net asset value.  The Board seeks to achieve this through the issue of new shares at a premium to net asset value where demand exceeds supply.  The Board remains committed to ensuring Shareholders can sell their shares at or close to their net asset value at all times and considers that successfully securing the authorities which are to be sought at the General Meeting is essential to the Company's ability to continue the effective operation of its discount and premium control policy.  In addition, the Board also remains committed to the continuing expansion of the Company, which should benefit Shareholders by, for example, reducing the total expense ratio.  The Board would therefore use the shareholder authorities to be sought at the General Meeting to meet their broader objective of continuing to grow the Company where suitable opportunities arise.  In any event, the Board will only issue new shares (or, as the case may be, re-issue shares from treasury) when they believe it is advantageous to the Company's shareholders to do so and in no circumstances would any issue of new shares or re-issue of shares from treasury be at an issue price which would result in a dilution of the net asset value per share. 

The Prospectus Rules provide that where a company wishes to apply for the admission to trading on a regulated market of shares representing, over a period of 12 months, 10 per cent. or more of that company's shares which are already admitted to trading on that regulated market, then the company concerned is required to issue a prospectus. The Company anticipates that it is likely to exceed the rolling 12 months' 10 per cent. limit on applications for admission to trading in the course of using the authorities which are to be sought at the General Meeting. Accordingly, the Company intends to publish a prospectus shortly following the date of the General Meeting, on the assumption that the required authorities are obtained at the General Meeting.

A copy of the circular will shortly be available for inspection at www.hemscott.com/nsm.do.

Copies of the circular are also available in electronic form on the Company's website at www.tigt.co.uk and are available for collection during normal business hours on any day (Saturday, Sunday and public holidays excepted) from the registered office of the Company at 10 St. Colme Street, Edinburgh EH3 6AA and from Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW.

All enquiries

Steven Cowie (Company Secretary)

Tel: [phone]

 

END

 

 

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