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Perpetual Inc&Growth (PLI)

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Thursday 04 March, 2010

Perpetual Inc&Growth

Issue of Equity


                         Proposed Issue of B Shares by                         

                Perpetual Income & Growth Investment Trust plc                 

The Board of Perpetual Income & Growth Investment Trust plc (the "Company")
announces today that it is considering an equity capital raising through an
issue of a new class of share capital, namely, B shares.

The Board believes that the Company constitutes a highly attractive investment
opportunity with a strong long-term performance track record within the UK
Growth and Income sector, and that the introduction of B Shares will provide an
innovative and advantageous method of investing, or increasing one's
investment, in a portfolio benefiting from the managerial expertise of Mark
Barnett.

The new B Shares will enjoy identical rights to the existing ordinary shares
save for entitlements to dividends; instead, when dividends are paid to
ordinary shareholders, an equivalent amount will be paid to B shareholders in
the form of a capital distribution. These capital distributions will be taxed
in accordance with rules relating to the taxation of chargeable gains, rather
than income. The availability of two share classes with these differing tax
treatments will enable shareholders to structure their investment in the
Company in a tax efficient manner.

Any issue of new shares will only be carried out on terms that would not be
dilutive to existing shareholders.

Collins Stewart Europe Limited has been appointed as sponsor and sole broker in
respect of the proposal.

A further announcement regarding the B Share Issue will be made in due course.

Bill Alexander, Chairman, said:

"The Board believes that an issue of B Shares would be beneficial to existing
shareholders. It would also provide purchasers with a new means of accessing
the Company's proven investment management expertise, allowing investors and
their advisers to optimise their tax planning."

Please contact:

Invesco Perpetual:

Andrew Watkins: 020 7065 4023

Angus Pottinger: 020 7065 3174

Karina Bryant, Company Secretary: 020 7065 3644

Collins Stewart:

Robbie Robertson: 020 7523 8474

Neil Brierley: 020 7523 8478

Will Barnett: 020 7523 8094

Dominic Waters: 020 7523 8473

This announcement appears as a matter of record only and does not constitute an
offer to sell or a solicitation of an offer to purchase any security.

The Company is established as a closed-ended investment trust company
incorporated under the laws of England and Wales with registration number
3156676 and registered as an investment company under section 833 of the
Companies Act 2006.

The distribution of this announcement and the B Share Issue in certain
jurisdictions may be restricted by law. No action has been taken by the Company
or Collins Stewart Europe Limited that would permit an offering of the B Shares
or possession or distribution of this announcement or any other offering or
publicity material relating to such shares in any jurisdiction where action for
that purpose is required. Persons into whose possession this announcement comes
are required by the Company and Collins Stewart Europe Limited to inform
themselves about, and to observe, such restrictions.

The information presented herein is not an offer for sale within the United
States of any equity shares or other securities of the Company. The Company has
not been and will not be registered under the US Investment Company Act of
1940, as amended (the "Investment Company Act"). In addition, the B Shares have
not been and will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act") or any other applicable law of the United
States. Consequently, the B Shares may not be offered or sold or otherwise
transferred within the United States, or to, or for the account or benefit of,
US Persons (as defined in Regulation S under the Securities Act), except
pursuant to an exemption from the registration requirements of the Securities
Act and under circumstances which will not require the Company to register
under the Investment Company Act. No public offering of the B Shares is being
made in the United States. The B Shares may only be resold or transferred in
accordance with the restrictions set forth in any prospectus published by the
Company in relation to the B Share Issue and related subscription documents.
This announcement should not be distributed, forwarded, transferred,
reproduced, or otherwise transmitted, directly or indirectly, to any persons
within the United States or to any US Persons unless it is lawful to do so.

This announcement is directed only at (i) persons outside the United Kingdom to
whom it is lawful to communicate it, or (ii) persons having professional
experience in matters relating to investments who fall within the definition of
"investment professionals" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended), or (iii) high
net worth companies, unincorporated associations and partnerships and trustees
of high value trusts as described in Article 49(2) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended), each a
"Relevant Person", and persons who receive this announcement who do not fall
within (i), (ii) or (iii) above should not rely on or act upon this
announcement.

This announcement is for information purposes only and does not constitute an
invitation to subscribe for or otherwise acquire or dispose of securities in
the Company in any jurisdiction. The information contained in this announcement
is for background purposes only and does not purport to be full or complete. No
reliance may be placed for any purpose on the information contained in this
announcement or its accuracy or completeness, This announcement does not
constitute or form part of any

offer to issue or sell, or any solicitation of any offer to subscribe or
purchase, any investments nor shall it (or the fact of its distribution) form
the basis of, or be relied on in connection with, any contract therefor.

This announcement may include certain "forward-looking statements". These
statements are based on the current expectations of the Company and are
naturally subject to uncertainty and changes in certain circumstances.
Forward-looking statements typically include statements containing words such
as "intends", "expects", "anticipates", "targets", "plans", "estimates" and
words of similar import. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. There are various factors that could cause
actual results and developments to differ materially from those expressed or
implied by such forward-looking statements. These factors include, but are not
limited to, changes in economic conditions, changes in the regulatory
environment, fluctuations in value of real estate, interest and exchange rates,
the outcome of litigation and government actions. Other unknown or
unpredictable factors could cause actual results to differ materially from
those in the forward-looking statements. The Company does not undertake any
obligation to update publicly or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.

All investments are subject to risk. Past performance is no guarantee of future
returns. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results. This announcement is not intended to
constitute legal, tax or accounting advice or investment recommendations.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision. Statements
contained in this announcement that are not historical facts are based on
current expectations, estimates, projections, opinions and beliefs of the
Company's investment manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be placed
thereon.

Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as sponsor to the
Company and is acting for no-one else in connection with 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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