LONDON (Alliance News) - Throgmorton Trust PLC Wednesday said gross assets stood at GBP219.7 million at the end of August, as it announced plans to adopt a new benchmark index and change its name.
In an interim management statement for the three months to 31 August, the firm said it is proposing to change the benchmark index from the Numis Smaller Companies plus AIM Index to the Numis Smaller Companies excluding AIM Index, and to reduce the maximum percentage which may be held in AIM stocks from 50% of the equity portfolio to 25% of gross assets.
Subject to shareholder approval, the proposed changes will take effect from 1 December 2013.
The directors also intend to reduce the performance fee cap and to change the name of the company to BlackRock Throgmorton Trust PLC with effect from December.
The company said it had not borrowed during the period, while its net asset value including income was 300.35 pence.
Throgmorton shares closed at 285.00 pence Wednesday, down 1.00 or 0.4%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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Throgmorton Trust (THRG)