Information  X 
Enter a valid email address

Perpetual Inc&Growth (PLI)

  Print      Mail a friend       Annual reports

Friday 29 April, 2005

Perpetual Inc&Growth

Offer Update


 Not for release, publication or distribution, in whole or in part, in or into 
 the United States, Canada, Japan or Australia or any other jurisdiction where 
to do so would constitute a violation of the relevant laws of such jurisdiction

                             For Immediate Release                             

                                 29 April 2005                                 

          PERPETUAL INCOME AND GROWTH INVESTMENT TRUST PLC ('PIGIT')           

INCREASED OFFER FOR ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF SECURITIES 
             TRUST OF SCOTLAND PLC ('STS') (THE 'INCREASED OFFER')             

                                 Offer Up-date                                 

The board of PIGIT has written to STS Shareholders today encouraging them to
focus on the key issue - performance (income, capital and total return).

Going back five years from 1 March 2005 (being the latest practicable date
before PIGIT announced its Original Offer), an investment in PIGIT would have
grown by 90.4 per cent. (based on net asset value total return), which is in
stark contrast to a similar investment in STS over the same period which has
grown by only 0.3 per cent., as shown in the following table.

 Returns as at 1 March 2005 (latest practicable date prior to announcement of  
                                Original Offer)                                
           Based on £1,000 Invested at Closing Price on 1 March 2000           
                                                                               
                                    PIGIT           STS         PIGIT Advantage
                                                                               
Market Value (Based on Closing     £1,898            £868           +£1,030    
Prices)                                                                        
                                                                               
Aggregate Dividends                 £246             £189            +£57      
                                                                               
Share Price Total Return           129.8%           10.5%           +119.3%    
                                                                               
Net Asset Value Total Return        90.4%            0.3%           +90.1%     

In other words, STS's current high income is a consequence of its poor capital
performance - and, in PIGIT's view, fails to compensate for that poor capital
performance.

PIGIT'S outperformance has been consistent. PIGIT has outperformed (in terms of
fully diluted net asset value total return) the FTSE All-Share Index, its peer
group and STS in each of the last five calendar years, a period which has seen
both weak and stronger markets. This outperformance has continued in the
current calendar year, as shown in the following table.

   Fully Diluted Net Asset Value Returns Relative to FTSE All-Share Index to   
26 April 2005 (latest practicable date prior to printing of circular to be sent
              to STS Shareholders from PIGIT dated 29 April 2005)              
                                                                               
                                    PIGIT           STS         PIGIT Advantage
                                                                               
From 1 January 2005                 +1.4%           -2.1%            +3.5%     
                                                                               
From 3 March 2005 (date of          +2.5%           -1.2%            +3.7%     
announcement of Original                                                       
Offer)                                                                         

Sir Patrick Sheehy, chairman of PIGIT, said: 'The chairman designate of STS is
on record as saying that the early signs of the STS Board's revised investment
strategy are encouraging - what's so encouraging about STS's underperformance
of 2.1 per cent. relative to its benchmark in less than four months? In
contrast, PIGIT was 1.4 per cent. ahead of the same benchmark over the same
period.'

'The choice facing STS shareholders could not be simpler - who would they
rather manage their investment? STS's successor, which intends to persist with
STS's revised investment strategy, or PIGIT, with its proven record of
consistently superior income and capital growth?'

Enquiries:

Perpetual Income and Growth Investment Trust Sir Patrick Sheehy  020 7065 3555 
plc                                                                            
                                                                               
Intelli Corporate Finance Limited            Gordon Neilly       020 7653 6312 
                                                                               
INVESCO Asset Management Limited             Graeme Proudfoot    020 7065 3519 
                                                                               
Lansons                                      David Masters/      07786 394688/ 
                                                                               
                                             Tony Langham        07979 692287  

Notes:

Terms defined in the Increased Offer Document and the Supplementary Listing
Particulars, each dated 18 April 2005, have the same respective meanings in
this announcement.

Intelli Corporate Finance, which is regulated and authorised in the United
Kingdom by the Financial Services Authority, is acting only for PIGIT and no
one else in connection with the Increased Offer and Admission and will not
regard any other person as its client or be responsible to any person other
than PIGIT for providing the protections afforded to clients of Intelli
Corporate Finance, or for providing advice in relation to the Increased Offer,
Admission or the contents of this announcement.

The law of certain jurisdictions may affect the availability of the Increased
Offer to persons not resident in the United Kingdom. Persons who are not
resident in the United Kingdom, or who are subject to the laws of any
jurisdictions other than the United Kingdom, should inform themselves about,
and observe, any applicable requirements. Further details in relation to
overseas STS Shareholders are contained in the Increased Offer Document.

The Increased Offer is not being made, directly or indirectly, in or into, or
by the use of the mails of, or by any means or instrumentality (including, but
not limited to, facsimile, email, telex or other electronic transmission or
telephone) of interstate or foreign commerce of, or of any facility of a
national, state or other securities exchange of, the United States, Canada,
Australia or Japan and the Increased Offer is not capable of acceptance by any
such use, means, instrumentality, facility or otherwise from within the United
States, Canada, Australia or Japan. Accordingly, copies of this announcement
must not be mailed or otherwise sent, forwarded or distributed into, in or from
the United States, Canada, Australia or Japan, including to STS Shareholders
with registered addresses in the United States, Canada, Australia or Japan or
to persons whom PIGIT or Intelli Corporate Finance know to be custodians,
nominees or trustees holding STS Shares for persons with registered addresses
in the United States, Canada, Australia or Japan. Persons receiving or
accessing a copy of this announcement (including, without limitation,
custodians, nominees and trustees) should not send, forward or distribute it
into, in or from the United States, Canada, Australia or Japan or use such
mails or any such means, instrumentality or facility for any purpose, directly
or indirectly, in connection with the Increased Offer and so doing may
invalidate any acceptance of the Increased Offer.

This announcement is not an offer, or solicitation, of securities, or
solicitation of offers to purchase the New PIGIT Shares and/or Subscription
Securities in the United States, Canada, Australia or Japan. Neither the PIGIT
Shares nor the Subscription Securities have been, or will be, registered under
the US Securities Act or under the securities laws of any state, district or
other jurisdiction of the United States, or of Canada, Australia, Japan or any
other jurisdiction other than the UK and no regulatory clearances in respect of
the New PIGIT Shares and/or Subscription Securities have been, or will be,
applied for in any jurisdiction other than the UK. Accordingly, unless an
exemption under the US Securities Act or other relevant securities laws is
applicable, neither the New PIGIT Shares nor the Subscription Securities are
being, or may be, offered, sold, resold, delivered or distributed, directly or
indirectly, in or into the United States, Canada, Australia or Japan or to or
for the account or benefit of any US Person or person resident in the United
States, Canada, Australia or Japan.

Principal Sources and Bases of Information in this Announcement:

The market value of an investment in PIGIT as at 1 March 2005 (being the latest
practicable date prior to the announcement of the Original Offer), based on £
1,000 invested on 1 March 2000, is based on Closing Prices of 100.25p and
190.25p per PIGIT Share on 1 March 2000 and 1 March 2005 respectively, as taken
from Datastream. The market value of an investment in STS as at 1 March 2005
(being the latest practicable date prior to the announcement of the Original
Offer), based on £1,000 invested on 1 March 2000, is based on Closing Prices of
121.25p and 105.25p per STS Share on 1 March 2000 and 1 March 2005
respectively, as taken from Datastream.

The aggregate dividends paid by PIGIT and STS during the period commencing on 1
March 2000 and ending on 1 March 2005 (being the latest practicable date prior
to the announcement of the Original Offer) are based on the dividends paid by
each of them during that period as announced publicly and in each case
delivered to a Regulatory Information Service by them on or prior to 1 March
2005.

Information relating to net asset value total returns, market value total
returns and FTSE All-Share Index total returns has been taken from Datastream
and assumes gross dividends reinvested on the ex-dividend date.

Information relating to net asset value returns and FTSE All-Share Index
capital returns has been taken from Datastream.


                                                                                                                                                                                                                                                

a d v e r t i s e m e n t