Pigit postpones £150m B share issue

Perpetual Income & Growth Investment trust (Pigit) has postponed its issue of B shares because of uncertain market conditions.

Last month, the £451m company revealed details of the offering through which it was hoping to raise £150m.

Rather than receive a dividend, B share holders will receive a capital payment at the same dividends are paid to ordinary shareholders. The structure of the shares mean payments were subject neither to income tax or CGT.

Under the timetable, the B shares were due to be listed on the stock exchange next week. A new schedule has not been published.

The trust says: "The board of directors has decided, in light of current uncertain market conditions and following discussions with its advisers, to postpone the proposed issue of B shares for the time being.

"The extraordinary general meeting and the class meetings scheduled for 9 June will proceed as planned, at which shareholder approval will be sought for a possible future B share issue."