Gartmore Split Capital Opportunities Trust (GSCOT), launched on 5 November, will be approximately £1...
Gartmore Split Capital Opportunities Trust (GSCOT), launched on 5 November, will be approximately £126.2m in size
The trust's capital source consists of a placing of shares, bank debt and a roll over offer made to shareholders in the £61m Gartmore Scotland investment trust (GSIT). Some 46.67% of zero dividend preference shareholders in GSIT decided to roll over. The new trust also received acceptances from 61.68% of income shareholders and 42.69% of capital shareholders. Although GSIT is likely to continue until its scheduled wind up on 31 July 2001 as a listed subsidiary of GSCOT
GSCOT will have a subsidiary company (GSCOT Securities), which is issuing zero dividend preference shares with a redemption yield of 8.3% and a final capital entitlement of 149.5p on 1 November 2004. The trust will be geared through the issuance of the zeros and a bank loan of £19m
Together, GSCOT and GSCOT Securities form a group, which is similar to a split capital investment trust but the ordinary shares do not have a fixed life
The portfolio will be constructed in the main from the shares of split capital trusts, principally geared ordinary shares and conventional income shares
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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