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Scottish Investment Trust gets consents to substitute issuer
By Mary-Katherine Stinson
Lexington, Ky., July 29 – Scottish Investment Trust plc gained consent from the majority of its bondholders to substitute the issuer on its £82,827,000 outstanding 5.75% secured bonds due 2030 (ISINs: GB0002616471, XS0109354075), according to an announcement Friday.
The extraordinary resolution was passed at the bondholder meeting on July 29 with 89.45% of those present voting in favor of substituting JPMorgan Global Growth & Income plc as issuer as the entities are combining.
The meeting was attended by proxies or persons holding approximately 99.76% of the outstanding bonds.
The instruction fee is expected to be paid on or around Aug 4.
As previously reported, on June 26 this fee was increased to 0.2% of the outstanding principal amount of bonds held by the relevant bondholder to be paid as a consent fee to holders who delivered valid voting instructions by the instruction fee deadline. It was originally 0.1%
On the same date, the consent solicitation deadline was also extended to July 26 from the previous deadline of July 19.
The company stated it expects the substitution and the transaction will take place on or around Aug. 31.
However, as previously reported, shareholders will need to approve the transaction at an Aug. 22 meeting. Following that there will be a second general meeting of Scottish Investment Trust shareholders on Aug. 31 to approve the voluntary winding up of the company, the appointment of liquidators and to implement the transaction.
Questions regarding the proposals or the consent solicitation should be directed to Centrus Financial Advisors Ltd. (+44 20 3846 5676, robert.stjohn@centrusadvisors.com).
Kroll Issuer Services Ltd. was the tabulation agent (+44 20 7704 0880, sitplc@kroll.com, https://deals.is.kroll.com/sitplc).
The investment trust company is based in Edinburgh, Scotland.
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