Result of the Scheme and Issue of New Shares
27/03/2024 12:24
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RNS Number : 5454I STS Global Income & Growth Trust 27 March 2024
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN,
INTO OR FROM THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND
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MEMBER STATE OF THE EEA, OR ANY JURISDICTION IN WHICH THE SAME WOULD BE
UNLAWFUL.
This announcement is not an offer to sell, or a solicitation of an offer to
acquire, securities in the United States or in any other jurisdiction in which
the same would be unlawful. Neither this announcement, nor any part of it,
shall form the basis of, or be relied upon in connection with, or act as an
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27 March 2024
STS Global Income & Growth Trust plc
LEI: 549300UZ1Y7PPQYJGE19
Result of the Scheme and Issue of New STS Shares
The Board of STS Global Income & Growth Trust plc (the "Company" or "STS")
notes the announcement by the Board of Troy Income & Growth Trust plc
("TIGT") that, earlier today, TIGT Shareholders approved the combination of
the assets of TIGT with the assets of the Company by way of the Scheme.
Accordingly, the Board of STS is pleased to announce that the Company will
acquire approximately £118 million of net assets from TIGT in consideration
for the issue of 52,889,037 New Shares to TIGT Shareholders in accordance with
the Scheme.
The number of New Shares to be issued was calculated based on a STS FAV per
Share of 222.637614 pence and a TIGT FAV per Share of 71.868923 pence,
producing a conversion ratio of approximately 0.322806 New Shares for every
TIGT Share rolling over, each calculated in accordance with the Scheme. As set
out in the Shareholder circular published by the Company on 23 February 2024
(the "Circular"), fractional entitlements to New Shares arising as a result of
the conversion ratio will not be issued under the Scheme and entitlements to
such New Shares will be rounded down to the nearest whole number.
Applications have been made for the New Shares to be admitted to listing on
the premium segment of the Official List of the Financial Conduct Authority
and to trading on the main market for listed securities of the London Stock
Exchange (together, "Admission"). It is expected that Admission will take
place at 8.00 a.m. on 28 March 2024.
Following the issue of the New Shares noted above, the Company's ordinary
share capital will consist of 140,667,415 Shares (excluding Shares held in
treasury), with each Share holding one voting right. An additional 34,520,770
Shares are held in treasury.
The figure of 140,667,415 Shares may be used by Shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in voting rights, or a change to their
interest in the Company, under the Disclosure Guidance and Transparency Rules.
Capitalised terms used but not defined in this announcement will have the same
meaning as set out in the Circular.
The Circular is available for viewing on the Company's website at
https://www.stsplc.co.uk and the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Chairman of STS, John Evans, commented:
"The Board of STS is very pleased with the support shown by the shareholders
of STS and TIGT for the combination of the two Investment companies.
We believe that the Scheme offers a number of benefits to shareholders of the
enlarged STS (including TIGT Shareholders that have rolled over their
investment under the Scheme). The combination creates a larger investment
trust with significantly reduced ongoing costs and enhanced marketability.
Furthermore, STS will continue to follow Troy's long term, quality focussed,
conservative investment management style with a global opportunity set. We
believe this remains an attractive strategy for those with irreplaceable
capital and looking for both income and capital growth."
Enquiries:
STS Global Income & Growth Trust plc
John Evans (Chairman) Contact via J.P. Morgan Cazenove
Juniper Partners Limited +44 (0) 13 1378 0500
Company Secretary
J.P. Morgan Cazenove +44 (0) 20 3493 8000
William Simmonds
Rupert Budge
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