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Investment Trust Insider on Sherborne

Investment Trust Insider on Sherborne

James Carthew: the trusts that could be Sherborne’s next takeover target

At the beginning of July 2017, Sherborne Investors C (SIGC) raised £700 million to ‘realise capital growth from investment in a target company identified by the investment manager with the aim of generating a significant capital return for shareholders.’ The target company would be quoted and the manager would consider it ‘to be undervalued as a result of operational deficiencies and which it believes can be rectified by the investment manager’s active involvement.’

A flurry of announcements followed the successful fundraise identifying some of Guernsey investment company’s backers – institutions such as Fidelity, Aviva and Invesco. Numis Securities, which had helped them raise the money, was confirmed as corporate brokers and then things went very quiet.

Four months on and there is little indication as to what the target is.

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