The Diverse Income Trust plc (DIVI) - Equity Income Beyond the FTSE 100, Managed by Gervais Williams Edison Investment Research Pre-IPO Report

By Edison Investment Research, PRNE
Thursday, March 24, 2011

LONDON, March 25, 2011 - The Diverse Income Trust plc (DIVI) is a new investment trust targeting
both an attractive and growing income as well as long-term capital growth,
through investment in a diversified portfolio of securities, primarily listed
UK equities with a high concentration on small and very small companies. The
trust aims to pay quarterly dividends and targets a prospective annualised
yield at inception no less than 4.0%. The significant focus on smaller
companies is different to most of the established UK income and growth trusts
and offers investors a greater degree of diversification away from the FTSE
100 companies. Further, the manager believes that many smaller companies will
be able to grow faster in a period of modest economic growth and grow their
dividends faster, and are under-researched and under-valued. He believes that
these characteristics will be increasingly appreciated by the market.

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The trust's ordinary shares are being issued at 50p. With issuance costs
capped at 2.5%, DIVI will begin trading with a minimum underlying NAV of
48.75p and, as such, shares are being issued at a maximum 2.6% premium to
opening NAV. The trust does not have a fixed-life term but will include an
annual redemption facility and may also use buybacks to manage any discount.
In the current interest rate environment an attractive yield should bolster
the rating of the shares, which should be attractive to investors seeking a
high level of income combined with the prospect of capital growth.

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