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Liontrust in bid to unitise knowledge economy trust

Fund manager Liontrust is asking shareholders to approve plans to unitise the knowledge economy investment trust after the trust&#39s discount to net asset value rose to more than 15 per cent.

Liontrust is asking shareholders to liquidate the trust and swap their existing shares for units in its intellectual capital unit trust, which is managed with largely the same ethos by the same manager, Anthony Cross.

The IT&#39s discount to NAV at which the shares trade has hovered around 20 per cent for about a year, exceeding the 15 per cent level that Liontrust said it was prepared to accept when the trust was set up two years ago.

The company believes this discount and the illiquidity of the shares do not best serve shareholder value. The scheme will be put to a vote at an EGM in about six weeks.

Liontrust says it is confident that the proposals will get the backing of most of the shareholders.

Marketing director Jonathan Harbottle says: “The directors of the trust have offered units in the fund in return for shares. Over 70 per cent of shareholders have already indicated their support for this action.”

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