Shareholders in the Hill Samuel UK Emerging Companies investment trust are considering proposals for...
Shareholders in the Hill Samuel UK Emerging Companies investment trust are considering proposals for the trust's wind-up on 8 December this year.
The options open to investors are to take cash or transfer into an Oeic containing two funds in the Scottish Widows range, covering UK and pan-European smaller companies.
Shareholders who transfer to the Oeic funds from the expiring trust between 20 November and 8 December, will not have to pay an initial charge and can take advantage of a special share offer. Scottish Widows is offering class one shares to these investors, with an annual charge of 0.9% as opposed to 1.5%.
Shareholders in UK Emerging have one of two options, to invest in the UK Smaller Companies fund, benchmarked against the Hoare Govett Smaller Companies Index and managed by Brian Brennan, or invest in the UK Smaller Companies unit trust at Scottish Widows, also managed by Brennan.
Brennan will be supported by Billy Gilmore, a specialist in venture capital and ex-director at Murray Johnstone, with further support arriving in January with the addition of Nick Owen from the UK equity desk at Halifax and Nicki Martin from HSBC private equity.
According to Bob Lawson, marketing director for Scottish Widows, the team is targeting growth as opposed to value.
The Pan-European Smaller Companies fund offers accumulation shares which will be invested in securities in small to medium sized companies listed in Europe or the UK.
The fund was launched in November 1999 and is managed by Alison Powell, investment director continental Europe for Scottish Widows.
Angled towards growth stocks in what Scottish Widows believes are market leading companies, the portfolio has produced returns of 81.8% since launch to 29 September, according to the group. Shareholders in the UK emerging companies trust will meet at an extraordinary general meeting on 30 November where they will be asked to formally consider the proposals regarding its future.
A second and final extraordinary general meeting will be held on 8 December at at which shareholders will be asked to vote for the winding up of the company and the formal appointment of the liquidators.
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