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Investment trusts may issue subscription shares (warrants) to grow their assets, allowing holders to convert them into ordinary shares at a fixed price over a set period. This subscription right means shareholders are not obligated to convert. For instance, a shareholder may get one subscription share per five ordinary shares held, regardless of whether it's worth converting. If a subscription share is received for free and can be converted at £1 while ordinary shares trade at £1.50, converting would yield a profit of 50p per share compared to purchasing in the open market. The situation may vary if the ordinary share price changes after the conversion date.