Troy Asset Management is poised to take over two closed-ended UK growth and income trusts which are set to be merged into Francis Brooke's £81m Troy Income & Growth trust.
The board of the Troy Income & Growth trust is proposing to take over the management contracts of the £29m Albany trust, and the £10m Grampian trust, both of which sit in the AIC UK Growth & Income sector. The companies will then be merged under a section 110 scheme of reconstruction, with Albany shares made available at a 1% premium of NAV, and Grampian's shares issued at NAV. Both mergers into the Troy Income & Growth trust which Brooke (pictured) runs are subject to shareholder approval. Troy is already the investment manager on the Grampian trust. All three trusts have similar ...
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