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More splits plan to liquidate

Several more split-cap investment trusts are planning to liquidate or wind up prematurely as stockmarket volatility continues to drag the sector deeper into the mire.

The Aberdeen Asset Management-run leveraged income trust wants shareholders to approve placing the trust into receivership after stockmarket falls left it owing more than the value of its assets.

Also in trouble is the Exeter enhanced income fund – managed by Exeter Asset Management – which is applying to the Royal Court of Guernsey to be placed into liquidation after its assets plunged to around £17m, less than its £17.4m liabilities.

Similar problems have also beset the Leggmason Investors American assets trust, which last week suspended its shares after the value of its assets fell £1m below its £13m liabilities. It invested heavily in split-caps.

However, the Morley Absolute Growth Investment Company and the global opportunities trust want investors to approve a merger aimed at stabilising their finances.

Bates Investment head of research James Dalby says: “I expect there to be other trusts going into receivership.”

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