Perpetual/Murray merger complete

Perpetual/Murray merger complete – Murray Income Trust will acquire approximately £427m of net assets from Perpetual Income & Growth Investment Trust in consideration for the issue of 50,936,074 new shares in Murray Income, as the merger of the two trusts completes.

The number of new shares to be issued was calculated based on a formula asset value (FAV) for a Murray Income share of 838.739173 pence and a FAV for a Perpetual Income & Growth share of 249.716012 pence, producing a conversation ratio of 0.297728 MUT shares for each PLI ordinary share that is rolling over.

Trading in the new shares is slated to start at 8.00am on 18 November 2020.

Following the issue of the new shares, Murray Income will have 117,046,487 ordinary shares (excluding treasury shares) plus an additional 2,483,045 ordinary shares held in treasury.

The deal brings three new directors to Murray Income – Georgina Field, Alan Giles and Richard Laing all become non-executive directors of the company with effect from today.

Georgina Field was appointed as a director of PLI in 2019. She is chief executive officer and founder of White Marble Marketing Ltd, a marketing consultancy practice for the wealth and asset management industry. Past roles include head of European marketing at Aberdeen Asset Management and marketing director of Neptune Investment Management.

Alan Giles was appointed a director of PLI in 2015. He is senior independent director and chairman of the remuneration committee of Foxtons Group Plc, chairman of The Remuneration Consultants Group, an associate fellow at Saïd Business School, University of Oxford, and an honorary visiting professor at The Business School (formerly Cass), City, University of London. He was formerly chairman of Fat Face Group Limited, chief executive of HMV Group plc, managing director of Waterstones, and an executive director of WH Smith plc. He previously held non-executive directorships at The Competition & Markets Authority, Rentokil Initial plc, The Office of Fair Trading, Somerfield plc and Wilson Bowden Plc.

Richard Laing was appointed a director of PLI in 2012 and chairman in 2017. He is chairman of 3i Infrastructure plc and a non-executive director of JPMorgan Emerging Markets Investment Trust plc, Tritax Big Box REIT plc and Miro Forestry Ltd, which operates in West Africa. He was previously chief executive of CDC Group plc, formerly the Commonwealth Development Corporation, from 2004 to 2011, having joined the organisation in 2000 as finance director. Prior to CDC, he spent 15 years at De La Rue, latterly as the group finance director. He previously worked in international agribusiness, at PricewaterhouseCoopers and Marks & Spencer. He has also held a number of non-executive positions across a range of sectors. He obtained an MA from Cambridge University in Engineering and is a fellow of the Institute of Chartered Accountants in England and Wales (FCA).

MUT : Perpetual/Murray merger complete

2 thoughts on “Perpetual/Murray merger complete”

  1. I have a holding of 1,500 25p Ordinary Shares in Murray Emerging Economies Trust PLC. Any details of the fate or current status of this holding will be appreciated.

    1. Hi Arthur, I have racked my brain on this and I cannot remember what happened to it (senility setting in – also I think its demise came before I started keeping online records). I strongly suspect, based on a Citywire article, that it was wound up early in 2001. There is no mention of it on Companies House, however. Your best bet is to write to Aberdeen Standard Investments at Bow Bells House, 1 Bread Street London EC4M 9HH. They bought Murray Asset Management and should be holding the relevant records.

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