Troy Income & Growth Trust plc Combination with STS Global Income & Growth Trust plc
Further to the Company’s announcement on 2 November 2023, the Board of Troy Income & Growth Trust plc…
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Further to the Company’s announcement on 2 November 2023, the Board of Troy Income & Growth Trust plc…
< 1 minTERMS OF WEBSITE USE
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Further to the Company’s announcement on 2 November 2023, the Board of Troy Income & Growth Trust plc (“TIGT”) is pleased to announce that heads of terms have been agreed for a proposed combination of TIGT with STS Global Income & Growth Trust plc (“STS”).
The combination, if approved by each company’s shareholders, will be implemented through a scheme of reconstruction pursuant to section 110 of the Insolvency Act 1986 (the “Scheme”), resulting in the voluntary liquidation of TIGT and the rollover of its assets into STS in exchange for the issue of new shares of STS (the “New STS Shares”) to holders of TIGT shares (the “TIGT Shares”) with TIGT shareholders (“TIGT Shareholders”) offered the option of up to 100% cash exit (the “Cash Option”) (the “Proposals”).
Following implementation of the Proposals, the enlarged STS will continue to be managed, on the same basis as currently, by Troy Asset Management Limited (“Troy”) with James Harries continuing as the lead portfolio manager, supported by Tomasz Boniek and the wider Troy investment team.
The Proposals are subject to the approval of TIGT and STS Shareholders, and also to regulatory and tax approvals.
Bridget Guerin, Chair, commented:
“The Board is pleased to have reached an agreement with the board of STS over the proposed combination of the two companies. The combination will create a larger investment trust that is expected to be more liquid and have reduced overall costs, and will continue to follow Troy’s long term, quality focussed, conservative investment management style with a global opportunity set.”
Full details of the of the announcement are available here.
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