1 Dec 2008 14:10
M&G Recovery Investment Company Limited ('the Company') announces that it has been notified by the liquidators of M&G Recovery Investment Trust PLC ('RIT') that they have received from M&G Investment Management Limited ('M&G') a repayment representing a recovery from HMRC of VAT incurred by RIT on investment management fees paid to M&G during the periods March 1992 to December 1996 and April 2001 to March 2002 plus interest thereon. This amount, net of any tax liability incurred by RIT in respect of the repayment, is to be paid in due course by the liquidators of RIT to the Company under the terms of RIT's winding up and reconstruction. As such the repayment will be a capital payment and will enhance the net asset value of the Company's ordinary shares and package units. An amount of ‚£1,397,986 (equivalent to 0.59 pence per ordinary share and 1.18 pence per package unit), which represents the liquidators' estimate of the net payment to be received by the Company, will be reflected in the Company's published net asset values with effect from those calculated as at 12 p.m. on 1 December 2008.
M & G RECOVERY INVESTMENT COMPANY LIMITED