The board of the Legal & General UK Select investment trust plans to allow the reconstruction and ef...
The board of the Legal & General UK Select investment trust plans to allow the reconstruction and effective wind-up of the company.
After consultation with shareholders and warrant holders, the board of the £36m trust intends to put resolutions to shareholders at its AGM on 5 March and at a separate meeting of warrantholders immediately after.
The purpose of these resolutions will be to authorise the board to bring forward more detailed proposals for such a scheme and propose amendments to the terms of the warrants, reducing the subscription price in the case of an early wind-up from 100p to 88p.
If these resolutions are approved by share and warrant holders, a circular containing detailed proposals will be issued soon after the AGM.
The trust, managed by Guy Hardwick, aims to outperform the FTSE All-Share on a total return basis through active stockpicking, which it has achieved over one, three and five years to 22 January.
Over one year, its share price fell 21%, while the FTSE All-Share dropped 25.2%. Over three years, it was down 32.8%, compared to the index fall of 35.3%. The share price dropped 11.3%. Over five years, compared to the index fall of 16.8%.
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