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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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Legal & General has established a fourth issue of the protected capital and growth plan 2, a FTSE 100 linked guaranteed equity bond that provides a full capital return plus a minimum level of growth after six years.

Vertex completes Exchange purchase

Vertex has completed the 95.3m acquisition of Marlborough Stirling, owner of The Exchange.Andy Hunt has been appointed managing director of Marlborough Stirling, replacing the old chief executive Mike OLeary who has left the company. Hunt was previously sales and marketing director of Vertex.Non-executive chairman Geoffrey Harrison-Dees has also left the company along with non-executive directors […]

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A few financial services firms are finally turning to offering products suitable for Muslims.


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