The Monks Investment Trust PLC (LSE:MNKS), managed by Baillie Gifford & Co Limited entered into a heads of terms to acquire assets from The Independent Investment Trust PLC (LSE:IIT) on August 9, 2022. The consideration will be paid in form of exchange for the issue of new Monks shares to IIT shareholders, with IIT shareholders offered the option of a full or partial cash exit. The completion of combination of assets of The Independent Investment Trust PLC into The Monks Investment result in the voluntary liquidation of IIT. Following completion of the scheme, it is intended that the Monks portfolio will continue to be managed by Baillie Gifford's Global Alpha team. None of the IIT directors will be joining the Monks Board as part of the transaction, and accordingly the Board of Monks will continue to consist of the five incumbent directors upon completion of the scheme. The transaction is subject to the approval, inter alia, of the respective shareholders of The Monks Investment Trust and IIT, as well as regulatory and tax approvals. It is anticipated that the transaction will conclude in November 2022. J.P. Morgan acted as financial advisor to The Investment Trust plc.

The Monks Investment Trust PLC (LSE:MNKS) managed by Baillie Gifford & Co Limited completed the acquisition of Assets from The Independent Investment Trust PLC on November 8, 2022.