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Capital Structure
The Trust's capital structure consists of Ordinary Shares and Convertible Unsecured Loan Stock (CULS).
42,457,181 Ordinary Shares were outstanding at 31 May 2011 with gross assets of £73.11m.
£14.95m of 3.25% Convertible Unsecured Loan Stock is outstanding and is redeemable at par on 08 August 2016. CULS are convertible into Ordinary Shares quarterly at £1.48 until August 2016.
At the Annual General Meeting in 2011, TCT received shareholder approval to repurchase up to 6,536,076 shares at a discount to NAV and issue up to 2,180,120 shares at NAV. 1,145,729 ordinary shares held in Treasury are available for re-issue at 4% discount.
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Capital Structure