27 Sep 2017 15:35
To: RNS
From: F&C Managed Portfolio Trust plc
Date: 27 September 2017
Share Conversion Facility
Under the articles of association of the Company and subject to certain minimum and maximum thresholds which may be set by the Board of the Company, shareholders have the right to convert their Income shares into Growth shares and/or their Growth shares into Income shares once a year. The next conversion date was scheduled to be 19 October 2017.
Following the passing of the deadline for shareholders to submit conversion instructions on 22 September 2017, the Board announces that the total value of assets requested to be transferred from the Growth Portfolio (£227,034) and the Income Portfolio (£164,004) is significantly less than the specified minimum to be transferred for each Portfolio of £500,000 as set out in the 2017 Annual Report and Accounts. A significant minimum has to be set in order to justify the costs of the exercise. Accordingly the share conversion will not now proceed and no shares will be converted on 19 October 2017.
Shareholders who have submitted conversion instructions will now be notified.
The next scheduled share conversion will be in October 2018.
For further information please contact:
Peter Hewitt, F&C Investment Business Limited 0131 718 1244
Ian Ridge, F&C Investment Business Limited 0131 718 1010