The Board may, in its sole and absolute discretion, specify a minimum number of converting shares which are to be converted by a shareholder in the case of either the Income shares or Growth Shares.
The minimum amount for the 31 October 2019 Conversion is 1,000 shares per shareholder or the whole shareholding, whichever is lower.
The Board will specify a minimum net value of assets to be transferred from a Portfolio on any Conversion date, and may change any such minimum from time to time. If on any Conversion Date, the value of the assets to be so transferred is less than such specified minimum, then the Board may, in its sole and absolute discretion, cancel any such conversion.
The minimum net value of assets in aggregate for the 31 October 2019 Conversion is £250,000.
A significant minimum has to be set in order to justify the costs of the exercise.
The Board may set a maximum number of Growth shares or Income shares which may be converted on any Conversion Date and may change such maximum from time to time. If on a Conversion date, the number of Growth shares or Income shares for which conversion notices have been delivered would exceed the limit, the shares will be reduced pro rata.
The maximum amount for the 31 October 2019 Conversion is 10% of the Income shares and 10% of the Growth shares in issue.