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LONDON (Alliance News) - Baillie Gifford UK Growth Fund PLC said on Wednesday it has extended the deadline for shareholders through ISAs provided by Schroders PLC to move their shares to a new ISA plan manager by December 6.
Shareholders that take no action by the deadline will have their shares sold and switched to an ISA holding in the Schroder UK Equity Fund.
ISA stands for individual savings accounts, a tax-advantaged investment vehicle in the UK.
Should there be shares that still need to sold, Baillie Gifford will sell these shares through a placing of 14.6 million shares maximum, which is the amount of shares of Baillie Gifford UK Growth Fund held via Schroders ISAs. This represented 23% of the funds shares in September.
The placing will be conducted through a bookbuilding process, conducted by Winterflood Securities Ltd as broker and bookrunner, and will only be made to qualified investors.
The placing price will be agreed on by Baillie Gifford and Winterflood at the close of the placing.
Baillie Gifford UK Growth Fund were up 1.2% at 172.00 pence on Wednesday. It had changed its name from Schroder UK Growth Fund PLC back in July.