Premier Miton Global Renewables Trust - Proposal of scheme of reconstruction

Premier Miton Global Renewables Trust (PMGR) announced on 18 September that the board has concluded it is in the best interests of shareholders for it to propose a scheme of reconstruction under section 110 of the Insolvency Act 1986, resulting in the voluntary winding up of PMGR. The announcement does not come as a surprise given management's commentary with the H125 results, which we discussed in our previous note. Pursuant to the scheme, ordinary shareholders will have the option either to roll over their investment in PMGR into Sterling class B Income shares in Premier Miton Global Infrastructure Income Fund (GIIF), which is an FCA authorised open-ended investment company with assets of c £70m, or to receive an uncapped cash exit. This cash exit would be at net asset value, subject to agreed adjustments for PMGR's costs to the extent not already reflected in the company's NAV. The roll-over into GIIF will be the default option in the reconstruction scheme.

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