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Investment trusts may issue subscription shares, also known as warrants, to grow assets. These shares can be converted into ordinary shares at a fixed price within a specified period, known as a subscription right. Holders are not obligated to convert their shares. For instance, an investor might receive one subscription share for every five ordinary shares held. If the market price of the ordinary shares fluctuates, the value of subscription shares will also change. If received for free, converting subscription shares can yield profits; for example, if the conversion price is £1 and ordinary shares trade at £1.50, converting yields a profit of 50p per share compared to purchasing on the open market.