Novel ways with investment trusts
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Your support makes all the difference.TWO INVESTMENT trusts have devised novel ways of bringing in new shareholders without damaging existing investors.
Fleming's Claverhouse Trust has been so popular that the shares are trading at a premium. New cash will be invested in conversion shares that will be used to invest in a portfolio mirroring the existing Claverhouse fund.
These shares will be converted into ordinary Claverhouse shares when the money has been invested.
Simon Crinage, marketing manager of Fleming, said: 'There will be no overhang of shares in the market as with a rights issue. This should ensure that there is no drop in the price of the Claverhouse shares,' The Claverhouse offer closes on 3 June and Fleming plans to convert the shares on 21 June.
Hoare Govett is launching the Second Hoare Govett Smaller Companies Index Investment Trust to mirror a trust launched at the end of last year. It expects to close the issue early in June.
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