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Pigit blames shareholder apathy for failed STS bid

The failure of Perpetual income and growth investment trust’s bid for Securities Trust of Scotland was mainly due to the apathy of elderly and entrenched shareholders, says Invesco Perpetual.

Pigit’s bid for STS failed this week, with only 19.7 per cent of STS shareholders accepting the offer. Inv-esco Perpetual director of distribution for specialist funds Andrew Watkins says Pigit is likely to take stock before looking into any other takeover opportunities.

STS shareholders will vote on whether to take their shares in cash, take shares in the Lowland investment company managed by Henderson or take shares in a new trust to be managed by Martin Currie.

An STS spokesman says: “The result clearly demonstrates that our proposals were more appealing to our shareholders. There is no element of apathy. Clearly, the Pigit offer did not offer shareholders an income alternative that they found acceptable.”

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