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Fidelity special sits shareholders vote yes to split

Fidelity has received resounding backing from special situations shareholders to split the fund in two.
The special shareholder meeting saw an unprecedented 88,000 take part in the voting process with 97 per cent voting in favour of splitting the 6.5n fund in two, one with the current mandate and the other a new global mandate. Fidelity also got 97 per cent backing for the fund to take on the wider investment powers available under Ucits III legislation.
Fidelity managing director Richard Wastcoat says 36 per cent of shareholders voted.
The split will go ahead on 16 September with dealing available in both funds from Monday 18 September.
Fidelity special sits fund manager Anthony Bolton says: “I am delighted by this overwhelming endorsement of the proposals for Special Situations. I will now work with Jorma Korhonen to ensure a smooth transition to the new structure.”

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