Article Abstract:
British Assets is a UK investment trust managed by Ivory and Sime, trust managers from Edinburgh, Scotland. British Assets has underperformed. The trust chose to carry out a capital restructuring in Dec 1994 in order to allow dividend increases for ordinary shares by above inflation rates, and boost growth for the trust's assets above an FT-SE index. The figures on the performance of the asset trust growth do not take into account a revaluation for Investors Capital Trust, accounting for some 33% of British Assets' holdings.
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Article Abstract:
Kleinwort Overseas proposes restructuring to boost stockholder value. The investment trust aims to reduce its discount by allowing investors to sell to a maximum of 40% at a 7% discount. The trust's discount has dropped to 11.5% from 16% in 1996, and investors will achieve some profit. Investors may be reluctant to give up asset value, though full net asset value may not be achievable. Investors should wait until details have been released, and in case an offer comes from another manager.
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Article Abstract:
The Kleinwort European Privatisation Trust (KEPIT) was launched in 1994 and was affected by oversupply and poor privatization performances in Europe. There are problems facing this market such as the strength of the German mark and the danger of interest rate rises, but the trust could improve its performance. A similar trust from Mercury plans a share buy-back and this could push KEPIT into tackling its discount, so investors could buy in anticipation.
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