The boards of Monks and the Independent Investment trust (IIT) are looking to combine the two investment companies through a scheme of reconstruction.
The £260.5m Independent trust had been run by the company's managing director and portfolio manager Max Ward. However, Ward recently told the trust he wished to retire leading the board to "carefully consider the various options". This scheme, which requires shareholder approval, will see the liquidation of the IIT and the rollover of its assets into Monks in exchange for new Monks shares issued to the shareholders. IIT shareholders will also be offered a full or partial cash exit. Shareholders oust Trian 1 Investors chair The new combined trust will be managed by the Baillie Giffo...
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