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.

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General Meeting voting results

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

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Comparison table

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

Getting advice

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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 you invested in HIIT through an M&G ISA

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

More information can be found in the Circular and Brochure which were sent to you 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 you invested in HIIT directly (not through an M&G ISA)

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

More information can be found in the Circular which was sent to you 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.

If you have any questions, please call Customer Relations on 0800 390 390. The team is available from 8.00am to 6.00pm, Monday to Friday, and from 9.00am to 1.00pm on Saturday. You will need to provide your M&G client reference in order to discuss your account details with us. For your security and to improve the quality of our service, calls may be recorded.