Scottish Investment Trust PLC Scheme of Reconstruction Update (3094G)

TIDMSCIN

RNS Number : 3094G

Scottish Investment Trust PLC

29 March 2022

 
 To:     RNS 
 From:   The Scottish Investment Trust PLC 
 LEI:    549300ZL6XSHQ48U8H53 
 Date:   29 March 2022

Scheme of Reconstruction - update

The Board of The Scottish Investment Trust PLC (the "Company") is providing the following update with regard to the timing of the Company's proposed scheme of reconstruction and combination with JPMorgan Global Growth & Income plc ("JGGI").

As previously noted, the process was expected to take a longer period than might typically be expected for a scheme of reconstruction given a number of additional complexities inherent in the structure of the Company, in particular its employee pension scheme and its debt arrangements. The Board is pleased to announce that the Company has completed the buy-in of the benefits under its pension scheme with a third party insurer; and it also expects the sale of its property at 6 Albyn Place, Edinburgh to be agreed in the near future having received a number of competitive bids in line with its own valuation of the property. The debt workstreams are however progressing at a slower pace than anticipated, and it is for this reason that the scheme is now expected to complete around the end of the second quarter of 2022, rather than by the end of the first quarter of 2022 as originally expected.

A further update on the timetable will be provided upon publication of the circular to the Company's bondholders seeking the relevant approvals in connection with the transaction.

As previously announced on 21 January, JPMorgan Funds Limited ("JPMF") is now the Company's AIFM and has delegated portfolio management responsibilities to JPMorgan Asset Management (UK) Limited. The Company is now being managed in line with the new investment strategy which was approved by shareholders at the General Meeting of the Company held in December 2021.

ENDS

Enquiries:

 
 The Scottish Investment Trust 
  PLC 
 James Will (Chairman)                T: +44 (0)20 7597 4000 
  (via Investec Bank plc) 
                                     ----------------------- 
 
 JPMorgan Funds Limited 
                                     ----------------------- 
 Simon Crinage                        T: +44 (0)20 7742 3445 
                                     ----------------------- 
 Fin Bodman                           T: +44 (0)20 7742 8651 
                                     ----------------------- 
 
 Investec Bank plc (Corporate 
  Broker) 
                                     ----------------------- 
 Tom Skinner (Corporate Broking)      T: +44 (0)20 7597 4000 
                                     ----------------------- 
 David Yovichic (Corporate Finance) 
                                     -----------------------

Important Information

This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

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END

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March 29, 2022 02:00 ET (06:00 GMT)

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