F & C Investments

F&C Managed Portfolio Trust

  • Share conversion as your needs change

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

    Or contact your usual investment broker

  • Conversion between share classes

    Subject to certain minimum and maximum thresholds which may be set by the Board of F&C Managed Portfolio Trust plc (the “Board”) from time to time, shareholders have the right to convert their Income shares into Growth shares and/or their Growth shares into Income shares upon certain dates, the next of which will be 20 October 2016 and then annually or close to annually thereafter (subject to the articles of association of the Company). Under current law, such conversions will not be treated as disposals for UK capital gains tax purposes.

    Conversion Process

    Minimum level

    The Board may, in its sole and absolute discretion, specify a minimum number of converting shares which are to be converted by a shareholder in the case of either the Income shares or Growth Shares.

    The minimum amount for the 20 October 2016 Conversion is 1,000 shares per shareholder or the whole shareholding, whichever is lower.

    The Board will specify a minimum net value of assets to be transferred from a Portfolio on any Conversion date, and may change any such minimum from time to time. If on any Conversion Date, the value of the assets to be so transferred is less than such specified minimum, then the Board may, in its sole and absolute discretion, cancel any such conversion.

    The minimum net value of assets in total for each Portfolio for the 20 October 2016 Conversion is £500,000.

    In previous years, applications to convert shares have been lower than the minimum that was specified and to date, no share conversions have proceeded. A significant minimum has to be set in order to justify the costs of the exercise.

    Maximum level

    The Board may set a maximum number of Growth shares or Income shares which may be converted on any Conversion Date and may change such maximum from time to time. If on a Conversion date, the number of Growth shares or Income shares for which conversion notices have been delivered would exceed the limit, the shares will be reduced pro rata.

    The maximum amount for the 20 October 2016 Conversion is 10% of the Income shares and 10% of the Growth shares in issue.

    Conversion ratio

    Shares will be converted into the other share class by reference to the ratio of the relative underlying NAVs of the Growth shares and Income shares (as adjusted for realignment costs and related expenses and as set out in more detail in the Company's articles of association). Only the Income shareholders are entitled to receive dividends. The Company shall announce the Conversion Ratio applicable on the Conversion Date or Deferred Conversion Date and the number of resulting shares. The Board has discretion to defer the Conversion Date, inter alia, in the event that the level of conversions is above a certain materiality threshold in order to facilitate realignment of the Company's portfolios in order to effect the conversions in as effective a manner as possible. The Deferred Conversion Date will under normal circumstances not be more than one month later than the originally stated Conversion Date.

    Result

    It is anticipated that, within 9 working days of the Conversion Date or the Deferred Conversion Date, the Company will send:

    • To each holder of Converting Shares that are in certificated form a definitive certificate for the appropriate number of shares arising on conversion and a new certificate for any unconverted shares.
    • To each holder of converting shares held in a F&C investment product, confirmation of the number of shares converted and the number of shares arising on conversion.
    • • No share certificates will be issued in respect of any deferred shares arising as a result of the conversion. These deferred shares have no economic value and will be automatically transferred to a nominee holder or bought back for nil consideration by the Company in accordance with the Company's articles of association.

    Income shares arising on Conversion will carry the right to receive all dividends declared by reference to a record date falling after the Conversion Date or Deferred Conversion Date. Income shares which are converted into Growth shares will carry the right to receive all dividends declared by reference to a record date falling prior to the Conversion Date or Deferred Conversion Date but not on or thereafter.

    Please note, if you elect to convert from Income shares to Growth shares no further income in respect of these Income shares will be paid to you.

  • Market price of Income & Growth shares

    The mid market price for the Income shares and Growth shares on the first dealing day in each of the last six months, and 25 July 2016, being the latest practicable date before the approval of the Annual report and accounts were:

      Income shares (p) Growth shares (p)  
    1 January 2016 118.5 152.0
    1 February 2016 112.5 143.0
    1 March 2016 111.0 143.0
    1 April 2016 109.25 143.0
    2 May 2016 113.0 148.0
    1 June 2016 113.0 149.0
    25 July 2016 116.0 151.0

    This is not a recommendation to convert, or not to convert, any of your shares.

  • Conversion Timetable

    Timetable 2016
    Record date for 1st interim dividend (Income shares) 16 September
    Latest time for lodging of Conversion Instruction Form (for shares held within any investment product managed or marketed by F&C Management Limited) 5pm on Monday 19 September
    Latest time for Conversion instructions for shares in Uncertificated form (CREST) 1pm on Friday 23 September
    Latest time for lodging of Certificated Conversion Form 5pm on Friday 23 September
    Conversion Date Thursday 20 October
    Calculation Time Close of business on 20 October
    CREST accounts credited Monday 24 October
    New certificates despatched Wednesday 2 November (or as soon as practicable thereafter)

    Future conversions

    It is intended that following the next conversion in October 2016 the conversion facility will be offered annually or close to annually thereafter

    This is not a recommendation to convert, or not to convert, any of your shares.

  • How do I convert?

    If you hold your shares:

     
    1.    through an Investment Product managed or marketed by F&C Management Limited  please download a “PLAN CONVERSION INSTRUCTION” form here.

    This “Plan Conversion Instruction” form must be received by 5pm on Monday 19 September 2016 in respect of the 20 October 2016 Conversion Date.  When completed and signed it should be posted to F&C Management Limited, PO Box 11114, Chelmsford, CM99 2DG.

    2.    in certificated form, please download a “CERTIFICATED CONVERSION NOTICE" form here.

    This “Certificated Conversion Notice” form must be received by 5pm on Friday 23 September 2016 in respect of the 20 October 2016 Conversion Date.  When completed and signed it should be posted to Equiniti Limited, Corporate Actions (F&C), Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA.

    3.    in uncertificated form (that is in CREST) then please follow the instructions below.

    If you hold your Income Shares and/or Growth Shares in uncertificated form (that is in CREST) and you wish to participate in the Conversion on 20 October 2016 you must give a USE instruction by 1.00 pm on 23 September 2016. If you hold both Income Shares and Growth Shares and wish to make a conversion for both you will need to make separate USE instructions for each class of share.
    The USE instruction must be properly authenticated in accordance with CREST’s specifications and must contain, in addition to the other information that is required for settlement in CREST, the following details:
    (i) the number of Income Shares and/or the number of Growth Shares to be converted;
    (ii) the participant ID of the holder of the Income Shares and/or Growth Shares;
    (iii) the member account ID of the holder of the Income Shares and/or Growth Shares from which conversion is to be made and the shares are to be debited;
    (iv) the participant ID of Equiniti Limited. This is 6RA49 for the Income Shares to be converted to Growth Shares and 6RA89 for the Growth Shares to be converted to Income Shares;
    (v) the member account ID of Equiniti Limited. This is RA237201 for the Income Shares to be converted to Growth Shares and RA237202 for the Growth Shares to be converted to Income Shares;
    (vi) the corporate action ISIN number of your Income Shares and/or Growth Shares. This is GB00B2PP3J36 for the Income Shares to be converted to Growth Shares and GB00B2PP2527 for the Growth Shares to be converted to Income Shares;
    (vii) the intended settlement date of the USE instruction. This must be by 1.00 pm on 23 September 2016.
    CREST members and (where applicable) their CREST sponsors should note that the last time at which a USE instruction may be settled is 1.00 pm on 23 September 2016.

     

  • Share price - Growth

    159.49p-0.01p

    closed

  • Share price - Income

    122.79p-0.46p

    closed

  • Peter Hewitt

    Peter Hewitt

    Fund Manager

Past performance is not a guide to future results. The value of investments can go down as well as up.

The shares of the Company are listed on the London Stock Exchange. Information in this section of the website concerning the Company is directed solely at persons who are located in the UK. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Potential investors must read our full terms and conditions before proceeding further with any investment product referred to on this website. The information on this website may not be suitable for everyone, and retail investors unsure whether an investment product referenced on this website will meet their individual needs should seek advice before proceeding further with such product.

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