RNS Number : 0077G
Murray Income Trust PLC
22 January 2010
MURRAY INCOME TRUST PLC
Proposed Amendment to Investment Policy
22 January 2010
The Board of Murray Income Trust plc (the "Company") announces that it intends to seek shareholder approval for an amendment to the Company's investment policy in order that the Company may invest up to 20 per cent. of its gross assets in overseas companies (but otherwise, in accordance with its
current stated investment policy).
In the event that the proposed amendment is approved by shareholders, the Board expects that, in the short term, between 5 and 10 per cent. of the Company's portfolio will be invested overseas, predominantly in Europe, helping to diversify risk away from certain large concentrated UK sectors and to gain access to attractive investment opportunities not available through companies listed on the UK
The Company's current investment policy states that it will invest in UK equities that have potential for real earnings and dividend growth, while at the same time providing an above-average portfolio yield. The bulk of UK listed companies in which the Company invests operate in global markets with substantial revenue flows from overseas operations. However, both the Board and the Manager believe that where an
overseas quoted entity presents a more attractive investment, it is advantageous for the Company to be able to make such investment (up to the proposed 20 per cent. limit). The current dividend policy will remain unchanged and although there are currently no plans to hedge currencies the Company will retain the right to do so.
The Board does not intend to alter the Company's investment benchmark (the FTSE All Share Index) and such a change will not affect the Company's membership of the UK Growth & Income Sector as administered by the Association of Investment Companies.
The Board supports the proposed change and, together with the Manager, is of the view that the Company will be in a better position to be able to achieve capital and income growth and to provide shareholders with a total return in excess of that of the FTSE All Share Index if this proposed amendment is made.
A circular to shareholders will be published and dispatched in due course.
Aberdeen Asset Managers Limited
William Hemmings 020 7463 6000
Andrew Zychowski 020 7523 8000
Collins Stewart Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for Murray Income Trust plc and no-one else in connection with the proposed amendment to the Company's investment policy and the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart Europe Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Collins Stewart Europe Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Collins Stewart Europe Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.
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