Fidelity issues 11m more shares for Bolton's China fund

Anthony Bolton's Fidelity China Special Situations trust has issued a further 11 million shares, primarily to assist trackers wishing to buy the vehicle following its admission to the FTSE 250.

The company used 11 million of almost 45 million shares available in its block listing facility to issue the ordinary shares at 100.1p.

Strong recent buying from trackers has driven Fidelity China Special Situations to a 5.3% premium over NAV.

As at 23 June, the issued share capital of Fidelity China Special Situations will be 471 million. Following this issue, the company has the ability to issue another 34,999,999 ordinary shares under its block listing facility.

Fidelity China Special Situations has been admitted to the FTSE 250 as of 21 June.

The investment trust raised £460m during its initial public offering in April this year, making it one of the most successful emerging market fund launches in more than 20 years.

Bolton says he has been travelling extensively and meeting a large number of companies in China since launching the fund.

He returned to Fidelity to launch China Special Situations after retiring as manager of the Fidelity Special Situations fund at the end of 2007. Over the course of his 28-year tenure, £10,000 invested in the fund at launch would have grown in value to £1,432,000.