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Investment trust to change focus and float

Investment trust Radiotrust is raising £171m to float in late August.

The company, managed by Aberdeen Asset Managers, will also change its name to the Media and Income Trust as they move to broaden their investment remit.

Currently investing in quoted and unquoted companies involved with sound broadcasting, Radiotrust will now include other areas of media communication including the telecommunications and technology sectors.

Existing shareholders will be offered new ordinary shares worth 100p each to raise £6m. Another £61.5m will be raised through a placing of new ordinary shares at 100p and £13.5m will be raised by selling Radiotrust’s subsidiary, Media Zeros.

Radiotrust will also borrow £90m to effect the change.

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