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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.”


Harris on Mortgages

In a vote-winning gesture, Chancellor Gordon Brown announced the rise in the stamp duty threshold from 60,000 to 120,000 in last week’s Budget.

Axa’s Protection Account available through Burns Anderson and Threesixty

AXA has announces its Protection Account is now available through new distribution partners Burns Anderson and Threesixty services. In addition, it will be available through member firms of Berkeley Berry Birch by the end of March. Axa’s Protection Account is already available from Bankhall, Britannia Building Society, LifeSearch, Millfield, Sesame and Tenet, as well as […]


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