Britannic cuts split cap's management fees

The capital reorganisation of the Britannic Global Income trust will not now go ahead but Britannic has agreed to cut its management fees. The board of the trust has blamed the failure of the plan on adverse market conditions and uncertainty in the split capital sector. The NAV of the trust has fallen to less than half the value of the called up share capital, which, under the Company's Act 1985, has led to an EGM, which will be held on 14 May. To reduce costs the investment manager is waiving half its fees in relation to the cash element of the portfolio, however, Credit Lyonnais Securiti...