Gartmore's Fledgling Index Trust has changed its name to Fledgling Trust following an EGM on 24 Apri...
Gartmore's Fledgling Index Trust has changed its name to Fledgling Trust following an EGM on 24 April.
At the same meeting it saw shareholders, who own 38.5% of the capital in the portfolio, vote to exit the vehicle. This leaves the trust with remaining asset value of £62m.
This follows board proposals to offer the option to exit the trust, prompted by a requisition order from a shareholder, the Value Catalyst Fund, in January.
The order also included the clause that if more than 50% of the company's shares were tendered, the offer must be withdrawn and replaced with a resolution to liquidate the company.
On the basis of an NAV of 206.4p on 19 April, the estimated cost of the proposals (before portfolio realisation costs) borne by exiting shareholders will be 3.6%, resulting in a NAV per share of 198.9p.
Originally Value Catalyst asked the board to call an EGM in January with the proposal that the trust buy back up to 30% of its own shares at 96% of NAV. This demand was withdrawn when Gartmore offered the reconstruction proposals on 5 February.
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