perpetual income and growth trust's bid for securities trust of scotland is gaining ground
The &430m Perpetual Income and Growth Trust (Pigit) is gathering support in its bid to take over the &421m Securities Trust of Scotland (STS) after shareholders received a revised offer. The trust is bidding to buy out the share capital of STS despite STS's board recommending its shareholders refuse the offer and invest either in a reformed STS or the Henderson managed Lowland trust. By 26 April 2005, when the last disclosure was made, Pigit had attracted 11.4% of the share capital of STS, amounting to 34,779,079 shares. It is also assured of gaining a further 200,000 STS shares held by...
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