The Company is a self-managed investment trust and is registered as an investment company as defined in section 833 of the Companies Act 2006 and operates as such. The Company is not a close company within the meaning of the provisions of the Corporation Tax Act 2010. In June 2016, the Company changed from a split-capital trust to a conventional trust following the conversion of the Capital shares into Income shares. The focus of the fund was changed to UK smaller companies in 1984, when the current investment manager took responsibility. The Company was founded in 1963.
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