Weekly wrap: Polar Capital Technology and more

There is plenty of news to report from investment trusts over the past couple of weeks, including likely disappearances, mergers and name changes.

Polar Capital Technology splits shares

Polar Capital Technology’s share price fell drastically last Friday but it was nothing to worry about: it was a result of a ‘share split’ by which each existing share was replaced by 10 new ones. Share splits are explained here.

JPMorgan Global Core Real Assets faces the axe…

Shareholders in JPMorgan Global Core Real Assets have voted against the trust’s continuation. As a result, the trust may cease to exist, although other outcomes are possible. ‘As a result of the continuation vote not passing the board will … put forward proposals for the reconstruction, reorganisation or winding up of the company to shareholders for their approval within six months,’ it said in a stock exchange announcement. ‘These proposals may or may not involve winding up the company or liquidating all or part of the company's existing portfolio of investments.’ The shares have suffered a widening discount (currently 20%) over the past three years; before then they often traded at a premium.

…but JLEN Environmental Assets will live on

 JLEN Environmental Assets, by contrast, received the thumbs up from shareholders, who have voted in favour of its continuation. On Monday it was officially renamed Foresight Environmental Infrastructure.

Select 50 member Balanced Commercial Property gets cash offer

Balanced Commercial Property Trust, one of our Select 50 favourite funds, has received a cash offer of 96p a share from Starwood Capital, an American investment firm. The trust’s board has advised shareholders to accept the offer.

Segro bids for Tritax Eurobox

Segro, a real estate investment trust (REIT), has announced an all-share offer for Tritax Eurobox under which the latter’s investors will be entitled to 0.0765 new Segro shares for each Tritax EuroBox share. When dividends to be paid are taken into account, the offer is worth about 70p a share at Segro’s current share price.

Keystone Positive Change faces absorption by open-ended sister fund

The board of the Keystone Positive Change trust is considering options such as rolling its assets into an open-ended fund, Baillie Gifford Positive Change, run on similar lines by the trust’s management company, Baillie Gifford. A cash exit at close to net asset value may also be offered. Shareholders are invited to give the board their views via the email address trustenquiries@bailliegifford.com.

North American Income moves to Henderson

The North American Income trust has changed management group from Abrdn to Janus Henderson.

Alliance Trust/Witan merger nears completion

The takeover of Witan by Alliance Trust is nearing completion; new Alliance Trust shares issued to Witan shareholders are due to start trading on 10 October.

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Before investing, please read the relevant key information document which contains important information about each investment trust. The shares in these investment trusts are listed on the London Stock Exchange and their price is affected by supply and demand. Investment trusts can gain additional exposure to the market, known as gearing, potentially increasing volatility. Overseas investments will be affected by movements in currency exchange rates. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.