17 March 2017
M&G HIGH INCOME INVESTMENT TRUST P.L.C.
Result of Second General Meeting and Terminal Asset Values
In relation to the recommended proposals for the reconstruction and winding-up of M&G High Income Investment Trust P.L.C. (the "Company") as set out in the circular published by the Company dated 19 January 2017 (the "Circular"), the Company announces the following.
Result of the Second General Meeting
At the Second General Meeting held today, the resolution to put the Company into liquidation was proposed and duly passed and, accordingly, Laura Waters and Rob Lewis, both of PricewaterhouseCoopers LLP of 7 More London Riverside, London SE1 2RT, have been appointed as liquidators.
The full text of the resolution can be found in the Notice of Second General Meeting contained in the Circular, which is available for viewing at the National Storage Mechanism, which can be located at http://www.morningstar.co.uk/uk/NSM, and on the Company's website, http://www.mandg.co.uk/HIIT
A summary of proxy votes received will also shortly be available on the Company's website.
Application has been made to the UK Listing Authority and the London Stock Exchange for the listings and admissions to trading of each of the Reclassified Shares to be cancelled at 8.00 a.m. on 28 April 2017.
Terminal Asset Values
The Terminal Asset Values calculated on Wednesday 15 March 2017 were as follows:
| Zero Dividend Preference Shares (p) | 122.832240 |
| Income Shares (p) | 57.796035 |
| Capital Shares (p) | nil |
| Income & Growth Unit (p) | 57.796035 |
| Package Unit (p) | 180.628275 |
Pursuant to the Scheme, quoted securities held by the Company that are transferring to JPMorgan Elect in consideration for the issue of the JPMorgan Elect Shares have been revalued on a bid-price basis by JPMorgan Elect. This is to ensure a consistent valuation of the quoted securities being received by JPMorgan Elect, given that JPMorgan Elect values the quoted securities held in its portfolio at the bid-price. After this revaluation the effective rollover values per Share and per Unit for those Shareholders and Unitholders who are rolling into one or more of the JPMorgan Elect Options are as follows:
| In respect of JPMorgan Elect Managed Growth (p) | In respect of JPMorgan Elect Managed Income (p) | In respect of JPMorgan Elect Managed Cash (p) | |
| Zero Dividend Preference Shares | 122.822122 | 122.839531 | 122.816147 |
| Income Shares | 57.791274 | 57.799465 | 57.788462 |
| Capital Shares | Nil | Nil | Nil |
| Income & Growth Unit | 57.791274 | 57.799465 | 57.788462 |
| Package Unit | 180.613396 | 180.638996 | 180.604609 |
The reason for the JPMorgan Elect Options having different effective entitlements to one another is because different quoted securities are being transferred to each of the JPMorgan Elect Options to ensure that the quoted securities being transferred are appropriate for the respective underlying investment mandate.
Accordingly, and based on the elections and deemed elections announced on 9 March 2017, the aggregate value attributable to each of the Rollover Funds and to the Cash Option are as follows:
| JPMorgan Elect Managed Growth Shares 1 | £7,769,136 |
| JPMorgan Elect Managed Income Shares 1 | £4,443,630 |
| JPMorgan Elect Managed Cash Shares 1 | £1,831,612 |
| M&G UK Income Distribution Fund Shares | £251,747,583 |
| M&G Strategic Corporate Bond Fund Shares | £10,490,466 |
| M&G Dividend Fund Shares | £10,212,704 |
| Cash Option | £165,984,412 |
1 After having revalued on a bid-price basis the quoted securities transferring to JPMorgan Elect.
Issue Prices
The JPMorgan Elect Issue Prices and the M&G OEIC Issue Prices calculated on 15 March (at 5:00 p.m. in the case of JPMorgan Elect and at noon in the case of the M&G Rollover Funds) were as follows:
| JPMorgan Elect Managed Growth Shares (p) | 758.17 |
| JPMorgan Elect Managed Income Shares (p) | 114.25 |
| JPMorgan Elect Managed Cash Shares (p) | 102.72 |
| M&G UK Income Distribution Fund Sterling R Shares (p) 2 | 126.71 |
| M&G Strategic Corporate Bond Fund Sterling R Shares (p) 2 | 109.79 |
| M&G Dividend Fund Sterling R Shares (p) 2 | 127.36 |
2 The price was used for the purpose of calculating Shareholders' entitlement to the M&G Rollover Funds. Shares in the M&G Rollover Funds will be issued today, Friday 17 March.
Notes
Terms used and not defined in this announcement have the meanings given in the Circular unless the context otherwise requires.
For further information, please contact:
| PricewaterhouseCoopers LLP Laura Waters | 020 7212 6173 |
| M&G Investments Alexandra Ranson | Info.mghighincome@mandg.co.uk |
| Winterflood Securities Limited Neil Morgan | +44 (0)20 3100 0000 |
