22nd Aug 2022 14:03
(Alliance News) - Scottish Investment Trust PLC on Monday said its shareholders approved the planned merger with JPMorgan Global Growth & Income PLC.
Of the shares voted, represent 28% of all issued share capital, 99% voted for the merger.
Following the vote, Scottish Investment Trust will ask the UK Financial Conduct Authority to suspend its shares from trading from Wednesday next week.
In March, Edinburgh-based trust Scottish Investment had delayed the merger due to debt workstreams progressing at a slower pace.
The two companies were both founded in 1887. They agreed to merge back in October. The assets of Scottish Investment Trust will be transferred into JGGI, creating an investment company with net assets in excess of GBP1.2 billion.
JGGI already is a member of the FTSE 250 index of London mid-cap stocks, and the enlarged company is expected to remain a constituent.
Scottish Investment shares were down 1.9% to 896.33 pence each in London on Monday afternoon, while JGGI shares were 1.3% lower at 461.00p each.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.