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Perpetual Inc&Growth (PLI)

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Thursday 08 October, 2020

Perpetual Inc&Growth

Statement re Transaction Update

8 October 2020

Perpetual Income and Growth Investment Trust plc

Transaction update

On 29 July 2020, Perpetual Income and Growth Investment Trust plc (the “Company”) announced that it had agreed heads of terms for a combination of the assets of the Company with Murray Income Trust PLC (“MUT”) by means of a section 110 scheme of reconstruction under the Insolvency Act 1986 (the “Transaction”), subject to shareholder approval.

The Company today announces that, as part of the Transaction, it has entered into an agreement with MUT’s investment manager, Aberdeen Standard Investments, whereby Aberdeen Standard Investments via Aberdeen Asset Managers Limited will advise the Company on its portfolio realignment and transition plan. The agreement is effective from 8 October 2020 and will enable the Company to manage the realignment of the Company’s portfolio ahead of the scheme of reconstruction being implemented and its transition to MUT (the “Transition Period”). Aberdeen Standard Investments will not receive a fee from the Company for its advisory services, and Invesco Fund Managers Limited will remain the Company’s alternative investment fund manager until the Company enters liquidation.

The portfolio transition and realignment plan aims to ensure that by the end of the Transition Period, the Company’s portfolio will have been realigned to be substantially similar to that of MUT. This will enable the Company's portfolio to be combined with MUT under the scheme of reconstruction without further material change.

Further information on the Transaction, including the Company’s shareholder circular and notice of general meetings, is expected to be sent to shareholders shortly.

Contacts

Richard Laing, Chairman
Contact through Winterflood

Winterflood Investment Trusts (Corporate Broker)
Joe Winkley / Neil Morgan
Telephone 020 3100 0000

Invesco Fund Managers Limited
Angus Pottinger
Telephone 020 3753 0714

Aberdeen Standard Investments
James Thorneley
Telephone 0776 855 6334


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