TR Property Investment Trust Plc’s (TRYS) sigma shares rose the most in more than three years in London trading after the U.K.-based closed-end fund said it will combine its two classes of stock.
The shares climbed as much as 7.1 pence, or 9.9 percent, to 79 pence, the most since April 2009. TR Property Plans to convert the sigma shares into ordinary shares, the London-based fund said in a statement today. The sigma shares will be valued at 98 percent of their net asset value after deducting costs, TR Property said.
“Because the ordinary shares are on a much lower discount, the sigma shares are coming more into line,” said Chris Lunn, a sales and corporate broker for Cenkos Securities Plc. Cenkos is TR Property’s broker.
The ordinary shares fell as much as 2.7 percent to 160.20 pence.
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