C shares

(in PRM) shares:
(a) that are issued by a closed-ended investment fund for the purpose of investment in accordance with its investment policy; and
(b) the terms of which state that the shares will convert into shares fungible with shares already admitted to trading on the same regulated market and issued by the sameclosed-ended investment fund:
(i) by reference to a specified conversion formula; and
(ii) by no later than 18 months following the date the shares are admitted to trading.