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An investment trust may issue subscription shares, also known as warrants, to grow its assets. These shares can be converted into ordinary shares at a fixed price within a specified time frame, known as a subscription right. Holders are not obligated to convert these shares. Typically, one subscription share may be issued for every five ordinary shares held. The value of subscription shares depends on the ordinary shares' price at conversion. If subscription shares are received for free and allow conversion at a specified price, holders can profit if the market price is higher than that conversion price. For instance, converting shares at £1 when the market price is £1.50 yields a £0.50 profit per share compared to buying on the open market.