Investment trust offer extended

ABERDEEN PREFERRED Income, the investment trust engaged in a hostile bid to manage the pounds 600m Scottish National Investment Trust, yesterday extended its offer to shareholders after attracting less than 15 per cent to its bid.

Abpref's offer, which involves offering a big headline yield to investors, has captured less than 8 per cent of three classes of shareholders - stepped preference, zero dividend preference and capital shareholders. Its offer will now be extended until 20 August.