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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 predetermined price over a fixed period, known as a subscription right, but holders are not obligated to convert them. An example is receiving one subscription share for every five ordinary shares held. The subscription shares may have a future value based on ordinary share prices. If received for free, a straightforward scenario arises: if subscription shares allow conversion at £1 while ordinary shares trade at £1.50, converting yields a profit of 50p per share compared to purchasing in the market.