The Aberdeen Latin American investment trust is under pressure to wind up from its largest shar...
The Aberdeen Latin American investment trust is under pressure to wind up from its largest shareholder, City of London Investment Management (COLIM).
COLIM, which holds 29.8% of the trust, has submitted a resolution requiring the board to put proposals to shareholders for the liquidation or other reconstruction of the trust that would allow shareholders a cash exit at a minimum 95% of NAV.
COLIM is not connected with the City of London investment trust, which is managed by Hendersons.
Elsewhere, the board of Finsbury Smaller Quoted Companies trust has drawn up proposals to voluntarily wind up the company due to the difficulty of the stockmarket and economic conditions as well as a persistent discount to NAV on the trust's shares.
The trust's shares were trading at a discount of 8.5% to NAV on 14 March, compared to a UK Smaller Companies sector weighted average of 17.2%. The discount was sharply narrower than the 19.5% at which the trust was trading on 7 March, before the winding-up proposals were announced.
Resolutions required to wind up the company will be put before shareholders at an EGM on 22 April.
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