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F&C in trust merger discussions

F&C is looking to merge its capital and income and income growth investment trusts.

The boards of both trusts have appointed advisers in connection with the merger, which will become effective in April 2005 subject to shareholder approval. The merger is likely to achieve economies of scale through the creation of a larger company and offer the prospect of greater liquidity in the market for the new companys shares.

If the merger goes through, the income growth investment trusts shares would be cancelled, with the capital and income investment trust issuing new shares to growth shareholders to reflect the relative asset values on the effective date of the merger.

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