Progressive Value Management's Aim-focused work-out fund offers other managers the opportunity to di...
Progressive Value Management's Aim-focused work-out fund offers other managers the opportunity to dispose of unwanted holdings. Run by the firm's managing director Robert Legget, Ross Courtier and Simon Toynbee, the Guernsey-domiciled investment trust will be able to take positions up to a maximum combined value of between £30m and £50m. Managers seeking to use the product will receive shares proportionate to the value of the holding they contribute, with all positions liquidated within a three-year period. As positions are sold down throughout the product's term, cash will be distributed to shareholders every six months.Charges on the product, which will be available on the second-ary market if managers choose to sell their shares, will be 1% of subscriptions for the first two years and, for the final year, 1% of the net asset value at the two-year point.
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