Friends Provident seeks pounds 50m for ethical trust
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.FRIENDS Provident, the mutual life insurer that on Monday took over NM Financial, its smaller rival, is seeking pounds 50m for its first investment trust - an ethical fund whose shares will pay a return of 8.1 per cent, writes Paul Durman.
Friends Provident, which already runs ethically-invested unit trusts, will avoid companies that deal with oppressive regimes, damage the environment, exploit animals, or are involved with the arms trade, tobacco, alcohol, pornography or gambling. Peter Silvester, general manager for investments, believes more than 400 UK-quoted companies meet its criteria.
Friends Provident Ethical Investment Trust will be a split capital trust with an eight-year life. Geared ordinary shares, offered at 100p, are expected to pay a gross annual yield of 8.1 per cent. Zero dividend shares, offered at 103p, will rise in value by a pre-determined rate of 8.1 per cent, and should repay 192p by the end of 2001.
Greig Middleton, the stockbroker to the trust, has already found institutional buyers for pounds 15m of shares.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments