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Aberdeen switch deal as it winds up trust

Aberdeen Asset Mana-gers is winding up its Prolific income investment

trust, giving share and warrantholders the oppor-tunity to switch to

another of its trusts.

Trustees will be offered shares in Aberdeen&#39s Second St David&#39s investment

trust or they can have a cash payout.

The new shares will be offered at 109 per cent of the closing price of the

original share and will provide an uplift in capital of 27 per cent on the

current market value of Prolific shares.

Prolific, which has gross assets of £163m, was launched in 1994 and

was acquired by Aberdeen in 1997 with its acquisition of Prolific Unit

Trust Managers.

Second St David&#39s is also proposing a major reconstruction which will

include removing the winding-up date of the company to give it an

indefinite life. It is currently due to expire in 2003.

The company is also changing its name to St David&#39s Investment Trust.

The fund will comprise 50 per cent UK equities, 35 per cent income shares

and 15 per cent bonds.


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