One of the UK’s oldest investment trusts is set to increase in size by 40 per cent.
The Investment Company will issue new shares following the appointment of manager Dowgate Wealth.
When the deal completes on July 28, the investment trust will grow to more than £10mn from £7.4mn.
The trust previously announced it would adopt a new investment approach enabling it to own bitcoin and other assets aimed at protecting against inflation.
It currently sits in the AIC UK Smaller Companies sector and was previously managed by Chelverton.
An announcement from new managers Dowgate today (July 15) said it would introduce a new investment policy.
It said: “The Dowgate Wealth team believe that the traditional 60:40 portfolio no longer serves as an effective investment strategy and the mandate proposed would provide the company with an investment approach that is better suited to the future.”
The investment trust has also launched a retail offer of 392,615 new ordinary shares at an issue price of 76.41 pence per share, a 2 per cent discount to the net asset value as of July 14, 2026.
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It said this along with previously raised £7.16mn will be invested in line with the new investment objective.
The offer opens today (July 15) at 12pm and will close at 4.30pm on July 23.
The Stock Exchange announcement added: “The company is intended for investors seeking long-term capital growth and the preservation of real wealth who have a long-term investment horizon (typically at least five years) and who are able to accept significant fluctuations in the value of their investment, including the potential loss of capital.
“The investment strategy includes exposure to alternative assets, including monetary metals and, where permitted under the company’s investment policy, Bitcoin through regulated exchange traded products.
“These investments may increase the volatility of the company’s net asset value and share price.”
tara.o’connor@ft.com
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