The Diverse Income Trust Plc - Update on the Future of the Company

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

 

 

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.