Rutland briefs on New Star launch

The Rutland trust has put forward reconstruction proposals as part of its proposed merger with the A...

The Rutland trust has put forward reconstruction proposals as part of its proposed merger with the August Equity trust. New Star intends to bring the vehicles together as a single private equity trust, named New Star Private Equity, under Paul Craig. Rutland's chairman Oliver Stocken said under the scheme shareholders will be able to either exchange their existing holding for shares in the New Star trust or receive cash at net asset value, which will be distributed following liquidation. "The trust will transfer certain of its assets to the New Star vehicle in exchange for shares, which ...