The English & Scottish Investors investment trust, run by Gartmore, is proposing to make a tender of...
The English & Scottish Investors investment trust, run by Gartmore, is proposing to make a tender offer for up to two-thirds of its ordinary shares. The announcement follows the decision of the trust's largest shareholder, Caledonia Investments, which owns 32.4% of the company, to release its entire investment in the company. The tender has been restricted to two-thirds of the share capital as the board believes that many shareholders, particularly private individuals, will wish to remain invested in the company. In order to retain post-tender gearing levels at current levels, the ten...
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