Wind-up offer severs historic Ashurst link

Ashurst Morris Crisp has acted on the winding up of its oldest client, the River Plate and General Investment Trust.

Roger Walsom, for 10 years contact partner for the trust, which was originally set up to invest in the South American economic boom of the 1880s, said: "The transaction was rather poignant for us. The trust has been a client since its incorporation 108 years ago."

In the mid-1980s River Plate's shares were trading at a discount to its net asset value and the trust, in line with many others, restructured to improve the value of its shares.

It split its capital into shares that generated income and shares for investors interested in capital growth and as a result had to promise that the value of the capital would be realised in 10 years' time.

In November 1995 Jupiter Split Trust approached River Plate with a takeover and winding-up offer which became unconditional in January last year once it had acquired 85 per cent of the company.