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Britannic launches split capital trust

Britannic Asset Management is launching a new split capital investment trust focusing on UK equities.

The Britannic UK Income Trust will be BAM&#39s third investment trust, and hopes to attract capital in the region of £400m.

The trust will offer guaranteed income shares at 100p, with a guaranteed dividend of 7 per cent a year, and redeemed at 100p after five years or ordinary shares with an expected yield of 8.5 per cent a year. It will also offer zero dividend preference shares with an initial gross redemption yield of 9 per cent and a five year life which will be issued at 100p and redeemed at 153.9p.

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