MLIT and SMIT contemplate merger to improve liquidity

Manchester & London Investment trust and Stakeholders' Momentum Investment trust are considering merging to improve their liquidity and reduce costs.

The merger would see Manchester & London (MLIT) make a bid for Stakeholders’ Momentum Investment (SMIT). Major shareholders in SMIT, including Charles Stanley, Smith & Williamson Investment Management and Rathbone Investment Management, have signed letters indicating they would accept a takeover. However, no legal approach has been made. SMIT and MILT have differing investment aims. Just last month, SMIT altered its strategy to invest in companies listed on regulated exchanges in the UK, which are identified as having patterns of directors’ trading. Its name was also changed from E...