Shareholders in the Isis Investment Trust have voted in favour of extending of the life of the compa...
Shareholders in the Isis Investment Trust have voted in favour of extending of the life of the company to October 2007. The move is part of a plan to reconstruct the portfolio and increase its gearing to 10%, by using a seven-year fixed rate bank loan. The £60m trust which invests in UK equities is managed by Paul Galloway of Friends Ivory & Sime. During the reconstruction, every 1000 existing convertible annuity shares will be converted into one new ordinary share, while all warrants will be exercised at 107.5p. Existing ordinary shares will then be exchanged for new ordinary shares, so...
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