15th Dec 2008 12:31
Proposed reconstruction
The Board of M&G Recovery Investment Company Limited (the `Company') is proposing to put forward proposals to coincide with its scheduled wind up date of 31 March 2009.
Under the proposals, the Company will be wound up and its shareholders will be offered the choice of the following:
¢â‚¬¢ a tax and cost efficient rollover into new shares to be issued by M&G High Income Investment Trust plc (`HIT');
¢â‚¬¢ a full cash exit (at liquidation value); and
¢â‚¬¢ at least one open-ended investment company managed by M&G, the Company's investment manager.
HIT is listed in London, managed by the same investment team at M&G as the Company and has both a similar investment objective and structure (being closed-ended and split capital). The Company currently has gross assets of ‚£124 million whilst HIT has gross assets of ‚£141 million and has a wind-up date of 17 March 2017.
As part of the proposals, M&G will make a significant contribution to the costs of the proposals.
Further precise details of the scheme will be announced in February 2009.
M & G RECOVERY INVESTMENT COMPANY LIMITEDRelated Shares:
MGR.L