Troy Income & Growth Trust plc Combination with STS Global Income & Growth Trust plc
In the press•Published date 23 February 2024
Further to its announcement on 28 November 2023, the Board of Troy Income & Growth Trust plc (“TIGT”) is pleased to announce recommended proposals in relation to the proposed combination of the assets of TIGT with STS Global Income & Growth Trust plc (“STS”).
The combination will be implemented through a scheme of reconstruction resulting in the voluntary liquidation of TIGT under section 110 of the Insolvency Act and the rollover of its assets and undertaking into STS in exchange for the issue of new shares of STS to shareholders who are deemed to have elected to roll over their investment in TIGT into STS. Alternatively, TIGT Shareholders are being offered the option to elect to receive cash in respect of up to 100 per cent. of their holding of TIGT shares.
Following implementation of the proposals, the enlarged STS will continue to be managed, on the same basis as it is 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. In particular, STS’s investment objective and policy, to achieve rising income and long-term capital growth which it seeks to deliver for shareholders through investment in a balanced portfolio constructed from global equities, will not be amended in connection with the proposals.
The proposals are conditional upon, amongst other things, the approval of TIGT shareholders and TIGT has published a circular convening two general meetings. The proposals are also conditional on the approval by STS shareholders, at an STS general meeting, of the new STS shares. The STS prospectus is available on STS’s website www.stsplc.co.uk.
Full details of the of the announcement, the circular and the proposed amendments to the articles of association are available here.