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

LONDON, March 25, 2011 /PRNewswire/ -- 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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SOURCE Edison Investment Research