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Investment trusts may issue subscription shares, also known as warrants, to grow their assets. These shares can be converted into ordinary shares at a fixed conversion price within a specified timeframe, granting investors a subscription right. Shareholders are not obligated to convert the shares. For instance, one subscription share may be granted for every five ordinary shares held. The worth of converting depends on the ordinary share price after the subscription shares expire. If subscription shares are received for free and the conversion price is £1 while ordinary shares trade at £1.50, converting them would yield a £0.50 profit per share compared to buying on the open market.