Flemings trust given go-ahead

Chase Fleming is to go ahead with its Managed Income Trust following discussions with the Inland Revenue. The group wanted the trust as a rollover vehicle for those Robert Fleming shareholders who were given loan notes as part of the takeover of the company by Chase Manhattan. As first reported in Investment Week earlier this month, the Revenue had at first refused to accept the vehicle as an acceptable rollover for loan note holders as it feared this might be a tax avoidance measure. It has now reversed that decision. The initial offer period on the trust is open to Fleming loan note ho...