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Capital Structure
The Trust’s capital structure consists of Ordinary Shares and convertible unsecured loan stock.
Ordinary Shares
The Ordinary Shares give Shareholders the entitlement to all of the capital growth in the Company's assets and to all income from the Company that is resolved to be distributed. The Ordinary Shares are in registered form and traded on the London Stock Exchange’s Main Market. At 31st July 2009 there were 37,263,000 shares in issue of which 3,726,050 were held in Treasury.
Convertible Unsecured Loan Stock 2011
£10m nominal of CULS were issued at 100p under the placing and offer for subscription. The rate of which GBP100 nominal of CULS can convert into Ordinary Shares is GBP100 nominal for 73.85 Ordinary Shares. The CULS had an initial term of 5 1/4 years and a 3 1/4 % gross coupon. Any CULS not converted will be redeemed at par on 8 August 2011. At 31st July 2009 there was £9,171,000 (nominal) CULS remaining in issue.
Subscription Shares 2010
A bonus issue of one subscription share for every five ordinary shares was announced in April 2009. A total of 6,726,690 Subscription Shares have been allotted. The subscription shares had an initial life of one year and each Subscription Share may be exercisable to subscribe for one Ordinary Share with an exercise price of 106p on the following dates:
31 December 2009
31 March 2010
30 June 2010
The conversion price of the Convertible Unsecured Loan Stock 2011 has been amended to reflect the subscription share issue.
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Capital Structure