Independent Investment Trust PLC - Edinburgh-based investment trust - Shares are delisted from the London Main Market on Wednesday, after shareholders at a general meeting on Tuesday approve its plan for voluntary liquidation and its assets are purchased by Monks Investment Trust PLC. Monks confirmed on Tuesday that it had acquired GBP173 million in net assets from Independent Investment Trust with the issue of 16.7 million new Monks shares. The combination of the two investment trusts was first proposed back in August. Monks, a Baillie Gifford managed fund, aims for long-term capital growth, prioritising this over income. Similarly, Independent Investment Trust had aimed for "good absolute returns over long periods". Monks is a FTSE 250 index constituent and has a GBP2.13 billion market capitalisation.
By Tom Waite; thomaslwaite@alliancenews.com
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Monks Inv (MNKS)