The Schroder Asian Total Return investment company (ATR) has published details ahead of its proposed merger with the Pacific Assets Trust (PAC) in a circular. New ordinary shares would be issued to these shareholders at 5p each; this will be the default option for eligible shareholders. Or, they would be able to take up to 25% of their investments in cash, subject to a 2% discount. This would include a new annual management fee tier of 0.5%, which would be applied above £500m, as well as a reduction in the total fee cap paid to investment manager SUTL, from 1.25% to 1.15%. Shareholders must submit Forms of Proxy regarding the merger general meeting regarding the proposed merger by 11am on 4 September, while a general meeting announcing the results will take place at 11am on 8 September.