First Ireland renamed

AIB Govett is to rename First Ireland trust, Govett European Technology and Income as part of the trust's restructuring proposals announced last week. The investment portfolio will be divided in half with 50% in income generating assets, such as shares from split capital trusts and corporate bonds, the other 50% will be invested in European technology companies. The capital structure of the trust will contain geared ordinary shares, zero dividend preference shares and bank borrowings. The geared ordinary shares will offer a yield of 8.5%, while the zeros have a gross redemption yield of ...