The board of International Biotechnology investment trust is looking for shareholder approval to app...
The board of International Biotechnology investment trust is looking for shareholder approval to approve resolutions for a tender offer to buy back up to 50% of the company.
A contingent of shareholders in the £287.5m trust has been calling upon the board to provide them with an opportunity to realise their investments since the summer. John Green Armytage announced the news at the company's AGM on 22 December 2000. The resolutions put forward will carry the proposal to buy back up to 50% of the company's issued shares at a 5.5% discount to NAV.
Merrill Lynch will implement the tender offer, after which all shares which are repurchased by the trust will be cancelled. The tender offer, if approved, will allow a cash exit for those who have been pushing for a release since the summer when the trust's discount was considerably wider, and those who do not wish to continue the fund's new management.
The board held a beauty parade in November after which Schroder Ventures Life Sciences were brought in to replace Rothschild Asset Management as fund manager.
Armytage also announced that he will be stepping down as chairman following the EGM to be replaced by Andrew Barker.
Gary Brass, James Grant, Don Cecil and Denis Turner will also step down from the board.
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