Independent Investment trust question

mlc2009

I held this trust in my SIPP. I'm in my 30s so I don't check it at all. Apparently it merged with monks

https://citywire.com/investment-trust-insider/news/independent-to-merge-with-monks-after-retirement-of-star-manager-max-ward/a2394521

Apparently holders were given an option to merge or take the cash. I never did that, any ideas what happens to my money/holding usually? I can't login to my SIPP at the moment and of course support isn't available until Tuesday. I realized this at 3am so quite worried. 

wmb194

mlc2009 said:

I held this trust in my SIPP. I'm in my 30s so I don't check it at all. Apparently it merged with monks

https://citywire.com/investment-trust-insider/news/independent-to-merge-with-monks-after-retirement-of-star-manager-max-ward/a2394521

Apparently holders were given an option to merge or take the cash. I never did that, any ideas what happens to my money/holding usually? I can't login to my SIPP at the moment and of course support isn't available until Tuesday. I realized this at 3am so quite worried. 

Particularly when you invest in individual companies, being in your 30s doesn't mean you shouldn't keep on top of your investments; in these cases there's always a default option and it'll be converting you IIT shares into Monks. When you login to your Sipp you'll see that you own shares in Monks.

The merger occurred in November 2022; "Shareholders in £210m Independent have been given the choice either to roll over into Monks without triggering capital gains tax or to make a full cash exit at a 2% discount to net asset value (NAV), the board announced today."

https://citywire.com/investment-trust-insider/news/independent-to-merge-with-monks-after-retirement-of-star-manager-max-ward/a2394521

There was effectively a third option where you could choose part cash and part shares.



https://www.canaccordgenuity.com/4a9a73/globalassets/wealth-management-uk/the-independent-investment-trust-plc---scheme-of-reconstruction.pdf