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F&C board to offer up to 40 million new shares in multi-manager F&C Managed Portfolio Trust


The Board of F&C Managed Portfolio Trust is to offer for subscription up to 20 million new Income and 20 million new Growth shares in the fund of investment trusts managed by Peter Hewitt.

A prospectus was issued on 16 January inviting subscriptions for the new shares, which are expected to be issued at a premium to net asset value of 2.5%. Any net proceeds raised will be beneficial to both existing and new shareholders as it will allow the Company to take advantage of attractive investment opportunities, as well as lowering the total expense ratio and potentially improving the prospects for dividend growth over time.
F&C Managed Portfolio Trust was launched in 2008, primarily as a rollover vehicle for investors in a share plan called F&C Managed Portfolio Service. The Investment Manager has indicated to the Board that there may be further demand for F&C Managed Portfolio Trust shares from investors in other F&C share plans. The new shares can be acquired in the offer outside an F&C share plan so any investor will be able to buy them. Holders of F&C’s Private Investor Plan or Investment Trust ISA will be able to buy new shares through their savings plans.
Hewitt, says: “For those willing to look beyond near-term uncertainties we believe the outlook is a bright one. Many shares are attractively valued on both a historical basis and relative to other asset classes. Investment companies remain a compelling way of tapping into this potential, providing cost-effective access to a diverse portfolio of equities, as well as other asset classes that can play an important role in any well-balanced portfolio – especially one that looks to participate in the world of investment opportunities available to today’s investor.”
At close of business on 13 January 2012, F&C Managed Portfolio Trust’s Income shares were trading at a mid-price of 93p (a premium of 1.73% to net asset value) and its Growth shares also at a mid-price of 93p (a premium of 0.42%). In the six months to 30 November 2011 the Income shares traded at an average premium of 2.3% and the Growth shares at an average premium of 3.2%.
Demand for shares in F&C Managed Portfolio through F&C’s savings plans (including the Investment Trust ISA, Private Investor Plan, Children’s Investment Plan and Child Trust Fund) has been strong. In the summer of 2011 investment trust expert James Carthew stated that in his view F&C Managed Portfolio Trust “ought to be a lot bigger”. (Citywire Wealth Manager, 20 June 2011.)
Potential investors have until 5pm on 21 February to apply for the shares through an F&C Investment Trust ISA or F&C Private Investor Plan, or 29 February to acquire the shares directly. If the offer is successful the new shares are expected to be issued on 7 March.

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