Issue of Equity

RNS Number : 3012J

Troy Income & Growth Trust Plc

03 August 2012

 



To:                    RNS

From:                Troy Income & Growth Trust plc

Date:                3 August 2012

ISSUE OF NEW ORDINARY SHARES IN CONNECTION WITH THE RECONSTRUCTION AND WINDING UP OF GRAMPIAN INVESTMENT TRUST PLC

The Board of Troy Income & Growth Trust plc (the "Company") refers to the prospectus published by the Company on 3 July 2012 in connection with the participation of the Company in the proposed scheme for the reconstruction and winding up of Grampian Investment Trust plc ("Grampian"). 

The Board is pleased to announce that, following the passing of the resolutions at the general meeting of Grampian earlier today, the Company will acquire the net assets of Grampian in consideration for the issue of New Shares to Grampian Shareholders.

The number of New Shares to be issued to Grampian Shareholders under the Grampian Scheme is based on the adjusted Net Asset Value of an Ordinary Share (the "FAV per Share") and the adjusted Net Asset Value of a Grampian Share (the "TAV per Grampian Share"). The FAV per Share and the TAV per Grampian Share were calculated as at close of business on 31 July 2012.  The FAV per Share was 54.71 pence and the TAV per Grampian Share was 462 pence.  Accordingly, Grampian Shareholders will receive approximately 8.44 New Shares for every Grampian Share held by them and 18,122,178 New Shares in aggregate will be issued to Grampian Shareholders.

Applications have been made for the New Shares to be issued pursuant to the Grampian Scheme to be admitted to the Official List (with a Premium Listing) and to the London Stock Exchange for the New Shares to be admitted to trading on the Main Market.  It is expected that Admission will occur and dealings will commence in the New Shares to be issued pursuant to the Grampian Scheme at 8.00 a.m. on 6 August 2012.

Total voting rights

Each Ordinary Share has one voting right.  Following the issue of New Shares pursuant to the Grampian Scheme, the Company will have 179,847,217 Ordinary Shares in issue.  No Ordinary Shares are held by the Company in treasury.  The total number of voting rights in the Company will therefore be 179,847,217 and this figure may be used by Ordinary Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. 

Definitions

Terms defined in the prospectus published by the Company on 3 July 2012 have the same meanings in this announcement unless the context requires otherwise.

All enquiries

Francis Brooke (Troy Asset Management Limited)

Tel: [phone]

Steven Cowie (Company Secretary)

Tel: [phone]

 

END

 

 

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