Another 5 million shares in Dartmore Investment Trust were dumped by Aberdeen Asset Management yeste...
Another 5 million shares in Dartmore Investment Trust were dumped by Aberdeen Asset Management yesterday, taking the total number of shares sold in the past week to 6.1 million and reducing its holdings in the company to 19% from about 25%.
The deal is unlikely to provide much of a return on investment for AAM, given the collapse of Dartmore's share price during the past year.
The fund has lost more than 99% of its value since August 2001, currently trading at just 13p per share compared with a 52-week high of more than 115p.
Managed by Exeter Asset Management, the fund has underperformed its benchmark, the FTSE All Share index, by about 80% during that time, according to Bloomberg data.
The fund has suspended dividends on both ordinary and redeemable preference shares because of Section 265 of the Companies Act, which says that dividends cannot be paid where assets are worth less than 1.5x liabilities, and where paying a dividend would take the value of assets below that multiple.
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