Extended life hope of recouping value

Following requests from shareholders, the board of the Close FTSE 100 Trust has announced proposals to extend the life of the company from 21 July 2004 to a new wind-up date of 21 July 2008. The proposal is intended to allow a greater period of activity to give the trust the chance to recoup its launch value following market falls which have stripped around 20% off the trust's NAV. The trust was launched in 1999 with a planned life of five years, with the investment objective of achieving income and capital growth tracking that of the FTSE 100. At launch the index stood at 6,328 and ...