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Perpetual Inc&Growth (PLI)

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Monday 09 November, 2020

Perpetual Inc&Growth

Result of Meeting

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/nationalstoragemechanismand 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, Chairman
Contact through Winterflood

Winterflood Investment Trusts (Corporate Broker)
Neil Morgan
Telephone 020 3100 0292

Invesco Fund Managers Limited
Angus Pottinger
Telephone 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.


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