The Board of the Murray Income Trust plc, managed by Aberdeen Standard Investments, has announced that heads of terms have been agreed for a combination of Murray Income with the assets of the £642.2 million Perpetual Income and Growth Investment Trust plc (PLI), subject to shareholder approval.
The proposed transaction will result in Murray Income being one of the largest investment trusts in the UK Equity Income sector, with gross assets in excess of £1 billion. It follows a comprehensive manager search conducted by the Board of PLI.
The investment trust, which is listed on the London Stock Exchange, is rated by the Association of Investment Companies (AIC) as a ‘Dividend Hero’ – one of the investment companies that have consistently increased their dividends for 20 or more years in a row – having grown its dividend for 46 consecutive years. It has been managed by Charles Luke, a member of our UK equity team, since 2006.
Devan Kaloo, Global Head of Equities at Aberdeen Standard Investments, said:
"As Managers of Murray Income Trust PLC, we are delighted to have been given this opportunity following such a thorough process by the Board of Perpetual Income and Growth Investment Trust. This is a clear and welcome endorsement of our overall investment approach and in particular our strong UK equity income franchise. Charles has an excellent long-term track record built around a focus on quality. Charles and the UK equity team’s due diligence and company research gives us the confidence that we can deliver growth and income for shareholders of the enlarged Trust."