Edinburgh Fund Managers has raised £50.4m for its new Edinburgh Income and Value Trust.
The split capital investment trust achieved the total through the placing of ordinary and zero dividend preference shares and bank borrowings. Dealing in the shares is expected to commence on April 8.
The trust's objective is to achieve growth in income and capital. It will invest in a UK based equity portfolio, primarily outside of the FTSE 100 stockmarket index.
Ordinary shareholders will receive a high income, forecasted initially at 9.6 per cent. Zero dividend preference shares have a redemption yield of 7.9 per cent on May 31, 2005.