Two split capital investment trusts are to go to court to seek liquidation. The trustees of BC In...
Two split capital investment trusts are to go to court to seek liquidation.
The trustees of BC Income & Growth, managed by Bournemouth-based BC Asset Management (BCAM), will petition the Guernsey courts to call the liquidators in. At the same time, the trustees of Framlington Health & Income are to seek court approval for liquidation.
BC Income & Growth has ordinary shares and zeros, with net asset values of zero and 12.7p respectively on 4 July when trading was suspended.
The trust was invested in the shares of other split capital trusts including such vehicles as Aberdeen Preferred Income, Leveraged Income and St David's. David Bruce, managing director at BCAM, said: 'The directors have resolved to make an application to the Guernsey courts to place the company into liquidation. Thereafter, if the court approves the application, a liquidator will be appointed. At that point the directors and the managers will have no control over the trust.'
Framlington Health & Income is also seeking court approval to liquidate, Framlington confirmed.
The two actions come as the Media & Income split capital trust managed by Aberdeen Asset Management has temporarily suspended all share classes in the company.
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