17th Jan 2014 10:33
LONDON (Alliance News) - Fidelity European Values PLC Friday said it would sub-divide its shares to allow holders who invest through monthly savings plans to do so more efficiently.
In a statement, the trust said it has a large number of private investors who invest through regular monthly savings and who reinvest their dividends. However, many were unable to invest a notable portion of the amounts they wanted to each month because the share price had rocketed to GBP15.52 a share in the 12 years since its launch at GBP1 a share. They are having to rollover some of the planned investments to the following month.
"The board is, therefore, proposing to sub divide on a 10-for-1 basis the company's ordinary shares of 25 pence nominal each into ordinary shares of 2.5 pence nominal each. This will enable monthly sums to be invested more efficiently and enhance the appeal of the company's shares to small
investors generally," it said in a statement.
The trusts shares were up 0.4% at 1,560.872 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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