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It could be zero for Geared Income Fund

Guaranteed zeroholders in the Geared Income split-capital investment trust could receive nothing when it winds up next year following a £260m slump in its assets.

The zeros are meant to pay out more than £60m to holders in October 2003 but following a share price collapse only have £13m to cover them once a £90m bank loan has been paid off.

Zeroholders can only be paid after all liabilities have been met.

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