M&G High Income Investment Trust PLC : Statement re Update on Proposals


M&G High Income Investment Trust P.L.C.

Adjustment to the timing of calculation of entitlements to M&G OEIC Options pursuant to the Proposed Scheme of Reconstruction and Winding-Up (the "Scheme")

The Board of M&G High Income Investment Trust P.L.C. (the "Company") has agreed to amend the time and date at which the M&G OEIC Issue Prices will be calculated pursuant to the Scheme.  The calculation of the M&G OEIC Issue Prices shall be changed from 17 March 2017 to noon on 15 March 2017.

This modification is being effected pursuant to paragraph 9 of Part IV of the circular published by the Company on 19 January 2017 (the "Circular").  In accordance with the terms of the Scheme this change has been approved by the Board, the Liquidators, the M&G Rollover Funds, JPMorgan Elect, M&G Securities and National Westminster Bank plc as the depositary.

The M&G OEIC Issue Prices are used to calculate how many shares in the M&G Rollover Funds will be allocated to Shareholders electing for one or more of the M&G OEIC Options. The change aligns the date on which entitlements to the M&G OEIC Options are calculated with that on which the entitlements of the JPMorgan Elect Options and the Cash Option are calculated. The change also enables Shareholders electing for one or more of the M&G OEIC Options to gain exposure to the performance of the relevant M&G Rollover Fund(s) from 15 March 2017 rather than 17 March 2017, which is consistent with the date from which those Shareholders choosing the JPMorgan Elect Options gain exposure to the performance of JPMorgan Elect. The Board believes the change to be in the best interests of Shareholders as a whole.  M&G Securities Limited has confirmed to the Board that it has established procedures to perform the necessary calculations arising from an earlier determination of the M&G OEIC Issue Prices.  No other elements of the Scheme are being amended.

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:

M&G Investments

Alexandra Ranson
Info.mghighincome@mandg.co.uk
   
Winterflood Securities Limited

Neil Morgan
+44 (0)20 3100 0000