TR Property Invesment Trust plans share conversion

TR Property Invesment Trust, a UK-based investment company, has announced that it is planning to propose a conversion of the entire share capital of its Sigma shares into ordinary shares.

The Sigma share class was approved in July 2007, but now the company wants to merge the underlying portfolios to produce an enlarged single share class, which it anticipates will have deeper liquidity.

The company is currently proposing that Sigma shares will convert to ordinary shares based on the net asset value of each of the two share classes. As such, Sigma shares will be valued at 98% of Sigma share net asset value after deduction costs, while ordinary shares will be valued at 100% of the ordinary share net asset value. The costs are expected to be around 0.5% of the Sigma share class net asset value, which will be paid for by Sigma shareholders.

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The firm is planning to propose the plans to shareholders in December.

The share price rose 9.53% to 78.75p by 13:47.

NR