Shareholders in the New Star Enhanced Income split cap are to vote on wind-up proposals at an EGM on...
Shareholders in the New Star Enhanced Income split cap are to vote on wind-up proposals at an EGM on 29 July. The trust, the NAVs of whose ordinary income and zero dividend preference shares were both valued at 0p at the end of May, repaid £550,000 of its £830,000 bank debt with Bank of Scotland at the start of June. The trust invests in other splits, which fared badly during the equity downturn due to inflexible gearing, using bank loans and illiquid holdings in other splits. In the 12 months to 30 June, the trust's zeros lost 98.5% of their value.
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