Fairfax, acting as sponsor, is advising Manchester & London Investment Trust PLC (“MLIT”) on its offer for Stakeholders’ Momentum Investment Trust PLC (“SMIT”). SMIT recently changed its name and is better known under its former names: Directors’ Dealing Investment Trust PLC and Eaglet Investment Trust PLC.

The offer, announced on 28 April 2010, is to be satisfied by the issue of new MLIT shares with an illustrative value of £16.6 million. There is also a cash alternative.

The acquisition is both a ‘Class 1’ and a ‘Related Party’ transaction under the Listing Rules and also requires a Prospectus equivalent document under the Prospectus Rules. Fairfax co-ordinated the preparation of a circular and Prospectus equivalent document acting as sponsor to MLIT.

The first closing of the offer is 19 May 2010.