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Pigit sends offer deal to STS clients

The board of Securities Trust of Scotland says it will respond in detail this week to Perpetual income & growth investment trust’s formal takeover offer.

Pigit has shareholders funds worth 387m and is ranked first out of 19 trusts in the UK income and growth sector while STS has funds worth 354.6m and is ranked 18th out of 19 trusts. Invesco head of specialist funds Graeme Proudfoot has described STS’s performance as woeful.

Pigit has sent offer documents to all 12,000 STS shareholders. There is a 109m cash element to the bid which means they can get at least 33 per cent of their shares in cash alth-ough Pigit aims to persuade STS shareholders to exch-ange their shares for shares in an enlarged Pigit.

Proudfoot says: “Every time STS increases its dividend, it sacrifices its pros-pects for capital growth.”

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