The Company is registered as an investment company as defined in section 833 of the Companies Act 2006 and operates as such.  The Company is an “alternative investment fund” (“AIF”) for the purposes of the AIFM Directive.  On 3 October 2022 the Company appointed Jupiter to act as its AIFM. Jupiter is authorised and regulated by the Financial Conduct Authority (the “FCA”) as a “full scope UK AIFM” for the purposes of the AIFM Directive.  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, which were renamed Ordinary shares as of 2 April 2019. 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 1962.