Does anyone know how NSI manages to be an Investment Trust (with capital gains tax exception)?
Mr. John Duffield, deputy chairman and senior partner with the managers, has 59% of the shares, so surely it is a close company and ITs can't be close companies.
(it is also, incidentally, on a discount of -35.48% )
For a definition of an IT:
https://www.gov.uk/hmrc-internal-manual ... l/ctm47200
1. An Investment Trust must not be a close company (CTM60060).
2. A close company is one where:
More than half the assets of which would be distributed to five or fewer participators, or to participators who are directors, in the event of the winding up of the company - see CTM60320.
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New Star Investment Trust NSI
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- Lemon Slice
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Re: New Star Investment Trust NSI
I haven't looked at the annual report but could the shares be held by a family trust? Or the Duffield family? Maybe they don't carry voting rights associated with just one individual.
I can't get hold of the report right now, but its an interesting question, Rooky.
I can't get hold of the report right now, but its an interesting question, Rooky.
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- Lemon Quarter
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Re: New Star Investment Trust NSI
It's an Investment Trust, in the "Flexible Investment" sector, and is domiciled in the UK:
http://citywire.co.uk/money/investment- ... undID=3114
http://www.hl.co.uk/shares/shares-searc ... rdinary-1p
Report & Accounts for 2016:
http://www.fundslibrary.co.uk/FundsLibr ... _documents
http://citywire.co.uk/money/investment- ... undID=3114
http://www.hl.co.uk/shares/shares-searc ... rdinary-1p
Report & Accounts for 2016:
http://www.fundslibrary.co.uk/FundsLibr ... _documents
Re: New Star Investment Trust NSI
The last full report gives:
At 30th June 2016 and 12th September 2016, the Company was aware of the following interests
which represent 3% or more of the voting rights in the Company:
% of voting rights % of voting rights
Shareholder 30th June 2016 12th September 2016
J L Duffield 59.14 59.14
Rathbone Investment Management Ltd* 5.44 5.47
M R L Astor 3.94 3.94
Miton Asset Management Ltd 3.80 3.80
Armstrong Investments Ltd 3.30 2.25
no mention of a family trust.
At 30th June 2016 and 12th September 2016, the Company was aware of the following interests
which represent 3% or more of the voting rights in the Company:
% of voting rights % of voting rights
Shareholder 30th June 2016 12th September 2016
J L Duffield 59.14 59.14
Rathbone Investment Management Ltd* 5.44 5.47
M R L Astor 3.94 3.94
Miton Asset Management Ltd 3.80 3.80
Armstrong Investments Ltd 3.30 2.25
no mention of a family trust.
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- Lemon Slice
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Re: New Star Investment Trust NSI
richfool wrote:It's an Investment Trust, in the "Flexible Investment" sector, and is domiciled in the UK:
http://citywire.co.uk/money/investment- ... undID=3114
http://www.hl.co.uk/shares/shares-searc ... rdinary-1p
Report & Accounts for 2016:
http://www.fundslibrary.co.uk/FundsLibr ... _documents
Yes, the issue is why it is allowed when Duffield the Chairman owns 59% of the shares.
Re: New Star Investment Trust NSI
The answer, perhaps, is that a quoted company in which at least 35% of the voting power is held by the 'public' cannot be a close company. CTM60310
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