Scottish Value out to raise pounds 14m
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Your support makes all the difference.SCOTTISH Value Trust, the predatory investment trust managed by Colin McLean, is doubling its war chest by raising an additional pounds 14.2m through a placing and an open offer of shares, writes Paul Durman.
Scottish Value specialises in pressuring underperforming investment trusts to buck up their ideas. Taking stakes in the likes of Ensign Trust, Pacific Property and Govett Strategic has enabled Mr McLean to produce a return of more than 30 per cent over the past year - while the investment trust sector index has fallen by nearly 9 per cent.
The additional money will enable Scottish Value to take on more and larger investment trusts. 'Some people have suggested we are turning a piranha into a shark,' Mr McLean said. Investors are initially being offered units rather than shares, a novel move that will allow the shares to be priced in line with the latest possible net asset value.
Existing shareholders can apply for up to 15 units at pounds 1 each for every 24 shares they hold. The number of shares represented by each unit will be decided later.
Scottish Value is paying a second interim dividend of 1p instead of a final dividend, allowing it to restrict this year's remaining dividend to existing shareholders. The shares closed 1p lower at 59 1/2p.
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