The portfolio of the Thompson Clive investment trust is to be gradually liquidated over the coming f...
The portfolio of the Thompson Clive investment trust is to be gradually liquidated over the coming five years following discussions between the board and shareholders.
The trust, which had an NAV of £53.7m as at 21 October, according to figures from Standard & Poor's, is a victim of its technology and telecommunications bias.
The effective liquidation of the fund over the next five years will be managed as a staged realisation and comes after a shareholder-approved tender that saw £9.5m of capital returned to shareholders.
In a two-stage process, the board will oversee a realisation of the quoted portfolio over the next two years, while the unquoted portfolio will be unwound over a five-year period, according to a communique issued by the board on the regulatory news service.
In it, the board said it would write to shareholders shortly and begin a process of tender offers in tranches of £5m to return investors' capital as soon as is reasonably practicable.
The trust is one of only 20 in the venture development and capital sector with a one-year or longer track record. It has struggled against its peers, according to S&P, and over one year to 21 October, is ranked 18 out of 19 trusts, with a mid-to-mid loss of 35.5%.
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