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Audience

M&G High Income Investment Trust –
in members’ voluntary liquidation

Terminal Asset Value (TAV) calculation

This was used to calculate the value of each investor’s holding at wind-up.

Find out more

General Meeting voting results

Voting results for General Meetings of Shareholders held on 9 March 2017 and 17 March 2017.

Find out more

Comparison table

What are the differences between open and closed-ended funds?

Following successful shareholder votes at General Meetings held on 9 March 2017 and 17 March 2017, the M&G High Income Investment Trust plc – in members’ voluntary liquidation (“HIIT”), which was launched in 1997 with a fixed lifetime of 20 years, wound up on 17 March 2017.

HIIT Terminal Asset Value (TAV) calculation

The value of each investor’s holding at wind-up has been calculated by multiplying the number of units or shares they held in HIIT at the time of the wind-up by their TAV.  The details of this calculation can be found here.

What happens next?

What happens next – if your client(s) invested in HIIT through an M&G ISA

  • If your clients(s) chose to move their investment into an M&G fund, confirmation of their new investment will be sent to them in the week commencing 20 March 2017.
  • If they chose to receive cash, payment will be despatched to them in the week commencing 20 March 2017.
  • If they did not send us instructions regarding what to do with their investment, or these were not received in time, their investment has been moved into M&G UK Income Distribution Fund Sterling Class R Income shares; confirmation of their new investment will be sent to them in the week commencing 20 March 2017.

More information can be found in the Circular and Brochure which were sent to all investors in HIIT in January 2017. You can also watch a short video  in which Richard Hughes, fund manager of both HIIT and the M&G UK Income Distribution Fund (previously the M&G Extra Income Fund), sets out the similarities and differences between HIIT and the M&G UK Income Distribution Fund.

What happens next – if your client(s) invested in HIIT directly (not through an M&G ISA)

  • If your client(s) chose to move their investment into an M&G fund, confirmation of their new investment will be sent to them in the week commencing 20 March 2017.
  • If they chose to move their investment to JPMorgan Elect plc, shares issued in uncertificated form are expected to be credited to CREST accounts on 21 March 2017. Certificates for JPMorgan Elect Shares issued in certificated form are expected to be sent to them on, or soon after 27 March 2017.
  • If they chose to receive cash and their investment was certificated, a cheque will be sent to them on, or soon after 21 March 2017. Where their investment was held in uncertificated form, CREST accounts are expected to be credited with cash on Tuesday 21 March 2017.
  • If they did not send us instructions regarding what to do with their investment, or these were not received in time, their investment has been moved into M&G UK Income Distribution Fund Sterling Class R Income shares; confirmation of their new investment will be sent to them in the week commencing 20 March 2017.

More information can be found in the Circular which was sent to all investors in HIIT in January 2017. You can also watch a short video in which Richard Hughes, fund manager of both HIIT and the M&G UK Income Distribution Fund (previously the M&G Extra Income Fund), sets out the similarities and differences between HIIT and the M&G UK Income Distribution Fund.

For specific questions relating to your clients M&G account, please call our Financial Adviser Helpline on 0800 328 3191, lines are open Monday to Friday 8.00am to 6.00pm*.

*For your protection calls may be recorded or monitored. Before we help you with your enquiry, we will ask you to: Identify yourself; Give us your firm’s FCA number; Confirm selected information relating to our mutual customer.

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The value of investments will fluctuate, which will cause fund prices to fall as well as rise and investors may not get back the original amount invested. 
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