PR Newswire
LONDON, United Kingdom, February 25
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
This announcement and the information contained in it are not for release,
publication or distribution, directly or indirectly, in whole or in part, in or
into, the United States of America (including its territories and possessions,
any state of the United States and the District of Columbia), Australia, Canada,
Japan, New Zealand, the Republic of South Africa, in any member state of the EEA
or in any other jurisdiction in which the same would be unlawful.
25 February 2026
The Diverse Income Trust plc
(«DIVI» or the «Company»)
Update on the Future of the Company
As announced on 13 February 2026 in the Company’s half year results for the
period to 30 November 2025, the Board has been considering a range of
alternative options to limit its discount, not least given the impact of the
existing annual 100% redemption facility, with significant redemptions over the
past three years resulting in the size of the Company reducing substantially.
The options considered by the Board included replacing the annual redemption
facility with an active share buyback policy, coupled with regular opportunities
for shareholders to vote on whether they wish the Company to continue, or
offering shareholders the opportunity to switch to an open-ended fund managed
according to a similar strategy by the same investment team.
Having consulted with major institutional shareholders, the Board has decided to
offer shareholders the option to roll over their investment into shares in the
Premier Miton UK Multi Cap Income Fund (a sub-fund of Premier Miton Investment
Funds 3, an FCA authorised open-ended investment company) with assets as at the
end of January 2026 of approximately £337 million (the «Rollover Option»), as
well as offering shareholders a cash exit option for up to 100 per cent of their
shareholding in DIVI. This proposal follows shareholder feedback in support of
the investment manager and will allow shareholders to retain exposure to a
similar strategy managed by the same investment team. The Rollover Option is
expected to be the default option for eligible shareholders.
The transaction is expected to be effected as a scheme of reconstruction under
section 110 of the Insolvency Act 1986 with the voluntary winding-up of the
Company (the «Scheme»).
The Board is pleased to announce that it has agreed non-binding heads of terms
for the Scheme with Premier Portfolio Managers Limited («PPM»), the Alternative
Investment Fund Manager to the Company and Authorised Corporate Director of
Premier Miton Investment Funds 3.
Further information about Premier Miton UK Multi Cap Income Fund can be found on
Premier Miton’s website: https://www.premiermiton.com/funds/premier-miton-uk
-multi-cap-income-fund/.
It is expected that the Scheme will take effect around the end of the second
quarter of 2026, and will be subject to shareholder approval and HMRC tax
clearance. A circular and notice of general meetings setting out the full
details of the Scheme will be sent to Shareholders in due course.
The City Code on Takeovers and Mergers is not expected to apply to the Scheme.
Andrew Bell, Chair, commented:
«The Board retains a high degree of confidence in Gervais Williams and Martin
Turner’s ability to manage UK small and mid-cap stocks in a strategy which
remains attractive to many shareholders. However, the Board acknowledges that
the size of the Company has reduced substantially following a period of high
redemption requests and is therefore proposing the Scheme, which will provide
shareholders with an opportunity to retain exposure to a similar strategy with
the same managers through the Rollover Option.»
Enquiries
The Diverse Income Contact via Panmure Liberum Limited
Trust plc
Andrew Bell, Chair
Premier Miton Group 01483 306090
plc
Gervais Williams,
Martin Turner, Claire
Long
Panmure Liberum 020 3100 2000
Limited
Alex Collins, Tom
Scrivens, Ashwin Kohli
LEI:2138005QFXYHJM551U45
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, as it forms part of UK domestic law («MAR»). Upon
publication of this announcement, the inside information is now considered to be
in the public domain for the purposes of MAR. The person responsible for
arranging the release of this announcement on behalf of the Company is MUFG
Corporate Governance Limited.
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