22 Oct 2019 12:27
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.
The information communicated in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.
TROY INCOME & GROWTH TRUST PLC
PUBLICATION OF A PROSPECTUS
The Board is pleased to announce that they have reached agreement, in principle, on the terms of a merger with Cameron Investors Trust plc ("CIT") to be effected by way of a scheme of reconstruction of CIT under section 110 of the Insolvency Act 1986, which will result in the voluntary liquidation of CIT and CIT shareholders rolling over their investment in CIT into the Company (the "Scheme"). Taking into account the Company's shareholding in CIT, completion of the Scheme will result in an increase in the Company's net asset value of approximately £11 million.
CIT's portfolio has been aligned with the current market view of the investment manager of CIT and the Company, Troy Asset Management Limited. The Scheme will be effected on an adjusted NAV for NAV basis. CIT shall bear all of its own costs and the Company's costs (including the documentation costs) associated with the Scheme. The issue of shares under the Scheme is therefore not expected to be dilutive to the NAV per share of the existing shares.
The Company has today published a prospectus to allow it to issue new shares to CIT shareholders in accordance with the terms of the Scheme.
In addition the prospectus allows the Directors to continue to exercise the Company's discount control mechanism effectively over the next 12 months through a share issuance programme. The share issuance programme allows for the issue of up to 80 million new shares, however the issue of new shares is subject to the Directors having sufficient share issuance authority following completion of the Scheme.
The Directors intend to utilise the remaining share issuance authority taken at the annual general meeting of the Company held on 23 January 2019 to issue new shares under the Scheme and share issuance programme. The Company will renew the share issuance authority at the next annual general meeting of the Company, or sooner if required.
A copy of the prospectus will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do.
The prospectus is also available in electronic form on the Company's website at www.tigt.co.uk and available for collection, free of charge, during normal business hours on any working day (Saturday, Sunday and public holidays excepted) until 21 October 2020 from the offices of Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW and from the offices of PATAC Limited, 21 Walker Street, Edinburgh EH3 7HX.
Enquiries
PATAC LimitedCompany Secretary0131 538 1400