95% of F&C shareholders reject wind-up

Over 95% of shareholders at the F&C Pep and Isa Investment Trust AGM last week voted not to liquidate the company. The vast majority voted in favour of a proposed share buyback policy and it was agreed to change the Trust's name to F&C Capital and Income Trust. The buyback strategy is to ensure the trust's shares do not stand at any material discount to net asset value in the future. This vote of confidence from the company's shareholders means it will now remain as an investment trust until at least the AGM in 2008. Julian Kane, manager of the F&C Pep and Isa Investment trust,...