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PERPETUAL INCOME & GROWTH I T

Closed-end funds and OEICs
fisher
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Re: PERPETUAL INCOME & GROWTH I T

#357311

Postby fisher » November 17th, 2020, 11:16 am

Here is the published timetable

Expected Timetable

2020
Ex-dividend date for the final interim dividend to Shareholders 15 October
Record date for the final interim dividend to Shareholders 16 October
Latest time and date for receipt of Forms of Proxy for the First General Meeting 11:00 a.m. on 5 November
Latest time and date for receipt of the Forms of Election and/or TTE Instructions 11:00 a.m. on 5 November
Record Date for entitlements under the Scheme 6.00 p.m. on 6 November
First General Meeting 11:00 a.m. on 9 November
Shares disabled in CREST 6:00 p.m. on 9 November
Calculation Date 5.00 p.m. on 12 November
Payment date for the final interim dividend 13 November
Latest time and date for receipt of Forms of Proxy for Second General Meeting 11.00 a.m. on 13 November
Reclassification of the Shares (and commence dealings in Reclassified Shares) 8.00 a.m. on 16 November
Suspension of listing of Reclassified Shares and Company’s Register closes 7.30 a.m. on 17 November
Second General Meeting 11.00 a.m. on 17 November
Effective Date for implementation of the Scheme 17 November
Announcement of the results of Elections, the PLI FAV per Share, the Cash NAV per Share and the MUT FAV per Share 17 November
CREST accounts credited with, and dealings commence in, New MUT Shares 8.00 a.m. on 18 November
Cheques despatched to Shareholders who elect for the Cash Option in accordance with their entitlements and CREST accounts credited with cash week commencing 23 November
Share certificates in respect of New MUT Shares despatched (or as soon as practicable thereafter) week commencing 23 November
Cancellation of listing of Reclassified Shares as soon as practicable after the Effective Date

Note: All references to time in this document are to UK time. Each of the times and dates in the above expected timetable (other than in relation to the General Meetings) may be extended or brought forward. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a Regulatory Information Service.

Dod101
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Re: PERPETUAL INCOME & GROWTH I T

#357313

Postby Dod101 » November 17th, 2020, 11:19 am

Could fisher explain the purpose of publishing this timetable? It is now largely historical and the new share are due to be admitted to the LSE tomorrow.

Dod

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Re: PERPETUAL INCOME & GROWTH I T

#357314

Postby Dod101 » November 17th, 2020, 11:21 am

valueinvestor123 wrote:My PLI prices have disappeared so I decided to find out what's going on and see it is being merged with MUT. How many MUT shares do we receive for each PLI?


IT seems from the timetable that there will be an announcement sometime today to tell you the ratio of new share to be issued against the old PLI ones.

Dod

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Re: PERPETUAL INCOME & GROWTH I T

#357327

Postby eyeball08 » November 17th, 2020, 11:43 am

Well thank you fisher, that summary I at least found helpful! That's what these boards are for IMHO

Dod101
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Re: PERPETUAL INCOME & GROWTH I T

#357335

Postby Dod101 » November 17th, 2020, 11:50 am

eyeball08 wrote:Well thank you fisher, that summary I at least found helpful! That's what these boards are for IMHO


I am not being argumentative but the timetable is freely available on the websites of both Murray Income and Perpetual Income and Growth and has been for some months so it seems to me to be a bit of a waste to repeat the whole thing on these Boards.

Dod

staffordian
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Re: PERPETUAL INCOME & GROWTH I T

#357345

Postby staffordian » November 17th, 2020, 12:43 pm

Dod101 wrote:
valueinvestor123 wrote:My PLI prices have disappeared so I decided to find out what's going on and see it is being merged with MUT. How many MUT shares do we receive for each PLI?


IT seems from the timetable that there will be an announcement sometime today to tell you the ratio of new share to be issued against the old PLI ones.

Dod

And here it is...

https://investegate.co.uk/perpetual-inc ... 0000P500D/

Following the passing of the special resolutions put forward at the Company’s First General Meeting and Second General Meeting, the Board of the Company is pleased to announce that as at the Calculation Date and calculated in accordance with the terms of the Scheme as set out in the circular published by the Company dated 12 October 2020 (the “Circular”):

the PLI FAV per Share is 249.716012 pence (being the amount per Share for those PLI Shareholders having elected, or deemed to have elected, for the Rollover Option);

the MUT FAV per Share is 838.739173 pence (being the amount per MUT Share used in determining the number of New MUT Shares to be issued to those PLI Shareholders having elected, or deemed to have elected, for the Rollover Option);

the conversion ratio is 0.297728 New MUT Shares for each Share elected, or deemed to have elected, for the Rollover Option; and

the Cash NAV per Share is 243.504171 pence (being the amount per Share for those PLI Shareholders having elected, or deemed to have elected, for the Cash Option).

Accordingly, for Shareholders that elected, or are deemed to have elected, for the Rollover Option:

each Share with “A” Rights will roll over into approximately 0.297728 New MUT Shares.


And for Shareholders that elected, or are deemed to have elected, for the Cash Option:

each Share with “B” Rights will entitle the holder to 243.504171 pence in cash.

Application has been made by Murray Income Trust plc to the Financial Conduct Authority and the London Stock Exchange for the listing and admission to trading of the New MUT Shares to be effective at 8.00 a.m. on 18 November 2020.

Terms used and not defined in this announcement have the meanings given in the Circular unless the context otherwise requires.
Last edited by staffordian on November 17th, 2020, 12:50 pm, edited 2 times in total.

staffordian
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Re: PERPETUAL INCOME & GROWTH I T

#357346

Postby staffordian » November 17th, 2020, 12:48 pm

As a matter of interest, has anyone picked up on what happens to fractional entitlements?

Based on the figures above, I have 0.566464 of an MUT share. I guess it will be credited as a cash equivalent to my account?

fisher
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Re: PERPETUAL INCOME & GROWTH I T

#357363

Postby fisher » November 17th, 2020, 1:30 pm

Dod101 wrote:Could fisher explain the purpose of publishing this timetable? It is now largely historical and the new share are due to be admitted to the LSE tomorrow.

Dod


It was in response to the two previous posts. Perhaps you should read them. I'm not sure why I should have to justify my post to you.

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Re: PERPETUAL INCOME & GROWTH I T

#357374

Postby fisher » November 17th, 2020, 1:39 pm

Dod101 wrote:
eyeball08 wrote:Well thank you fisher, that summary I at least found helpful! That's what these boards are for IMHO


I am not being argumentative but the timetable is freely available on the websites of both Murray Income and Perpetual Income and Growth and has been for some months so it seems to me to be a bit of a waste to repeat the whole thing on these Boards.

Dod


And yet some posters on this thread were obviously unaware of it, so posting it here, even at this late date, seemed helpful and was little effort.

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Re: PERPETUAL INCOME & GROWTH I T

#357377

Postby staffordian » November 17th, 2020, 1:45 pm

staffordian wrote:As a matter of interest, has anyone picked up on what happens to fractional entitlements?

Based on the figures above, I have 0.566464 of an MUT share. I guess it will be credited as a cash equivalent to my account?

Answering my own post, for the benefit of anyone who wants to know...

Fractional entitlements to New MUT Shares issued pursuant to the Scheme will not be issued under
the Proposals and entitlements will be rounded down to the nearest whole number. No cash
payment shall be made or returned in respect of any fractional entitlements which will be retained
for the beneit of MUT.


Taken from page 22 of the Circular to Shareholders on Merger Proposal.

Link to the pdf here...

https://www.invesco.co.uk/dam/jcr:a0653 ... 1603489853

valueinvestor123
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Re: PERPETUAL INCOME & GROWTH I T

#357388

Postby valueinvestor123 » November 17th, 2020, 2:21 pm

I didn't mean to start an argument...Thank you for posting the info and the timetable. I fully admit I was too lazy to look this up properly and and am grateful that you guys helped (to my defence, I did try, but didn't find anything). I only noticed something wasn't right because my google spreadsheet stopped getting the prices for PLI and normally googling the name of the company plus words such as takeover, merger etc brings up the desired info from a news article. This time I had no such luck.

fisher
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Re: PERPETUAL INCOME & GROWTH I T

#357396

Postby fisher » November 17th, 2020, 2:42 pm

valueinvestor123 wrote:I didn't mean to start an argument...Thank you for posting the info and the timetable. I fully admit I was too lazy to look this up properly and and am grateful that you guys helped (to my defence, I did try, but didn't find anything). I only noticed something wasn't right because my google spreadsheet stopped getting the prices for PLI and normally googling the name of the company plus words such as takeover, merger etc brings up the desired info from a news article. This time I had no such luck.


I'm glad I could help.

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Re: PERPETUAL INCOME & GROWTH I T

#357403

Postby Dod101 » November 17th, 2020, 3:35 pm

fisher wrote:
Dod101 wrote:Could fisher explain the purpose of publishing this timetable? It is now largely historical and the new share are due to be admitted to the LSE tomorrow.

Dod


It was in response to the two previous posts. Perhaps you should read them. I'm not sure why I should have to justify my post to you.


Absolutely no reason why you should feel you need to justify your post to me. I am sorry my post was badly worded. It is just that I do not understand why people in general do not use stuff posted on websites rather than rely on others to do the work for them.

Dod

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Re: PERPETUAL INCOME & GROWTH I T

#357404

Postby Dod101 » November 17th, 2020, 3:40 pm

staffordian wrote:
staffordian wrote:As a matter of interest, has anyone picked up on what happens to fractional entitlements?

Based on the figures above, I have 0.566464 of an MUT share. I guess it will be credited as a cash equivalent to my account?

Answering my own post, for the benefit of anyone who wants to know...

Fractional entitlements to New MUT Shares issued pursuant to the Scheme will not be issued under
the Proposals and entitlements will be rounded down to the nearest whole number. No cash
payment shall be made or returned in respect of any fractional entitlements which will be retained
for the beneit of MUT.


Taken from page 22 of the Circular to Shareholders on Merger Proposal.

Link to the pdf here...

https://www.invesco.co.uk/dam/jcr:a0653 ... 1603489853


As an existing shareholder in Murray Income I am glad to hear that although the amount involved will be quite modest I should imagine and it will save them the hassle of individually calculating the fraction owed to each individual shareholder.

Dod

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Re: PERPETUAL INCOME & GROWTH I T

#357653

Postby Merkinglue » November 18th, 2020, 11:12 am

Thanks all for the useful inputs.

I was also at a loss wondering why PLI wasn't updating on my Google sheet.

I knew it was all going ahead but had forgotten when.

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Re: PERPETUAL INCOME & GROWTH I T

#357674

Postby staffordian » November 18th, 2020, 11:34 am

Halifax are still showing PLI in my portfolio, but with no value. Not yet converted to MUT. Not sure how long it will take.

Anyone with other brokers got their MUT entitlement yet?

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Re: PERPETUAL INCOME & GROWTH I T

#357691

Postby monabri » November 18th, 2020, 12:04 pm

staffordian wrote:Halifax are still showing PLI in my portfolio, but with no value. Not yet converted to MUT. Not sure how long it will take.

Anyone with other brokers got their MUT entitlement yet?



In iWeb, My PLI are still showing as PLI with Quantity of shares and "price" but the current value is shown as *******.

I was just checking if they had been converted.

(12:00 18/11/20)

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Re: PERPETUAL INCOME & GROWTH I T

#357714

Postby swill453 » November 18th, 2020, 12:43 pm

My PLI shares are still showing at AJBell with a price of 2.435 GBP, but they've been fixed at that price since yesterday.

Scott.

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Re: PERPETUAL INCOME & GROWTH I T

#357971

Postby swill453 » November 19th, 2020, 8:46 am

I still have PLI and not MUT shares in my portfolios at AJBell. I thought it would have been changed over by now.

(I don't want to do anything with them imminently, though).

Scott.

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Re: PERPETUAL INCOME & GROWTH I T

#357980

Postby Golam » November 19th, 2020, 9:07 am

HL have now effected the transfer


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