The Company is a UK Investment Trust that was launched on 1 July 2013 when 153,000,000 Ordinary Shares and 30,600,000 Subscription Shares were admitted to listing on the London Stock Exchange. The Ordinary Shares were issued at 100p per share. The Subscription Shares were subject to a single exercise date being 31 July 2017. Following the conversion, the Ordinary share capital increased to 202,775,000 shares.
The Trust was initially launched with a fixed term life but in April 2020 moved to 5-yearly tender offers with no fixed end of life. The first of the regular tender offers will be on or before 30 June 2025.