Shareholders in the CISX-listed Acorn Income fund run by Collins Stewart have failed to have the £85...
Shareholders in the CISX-listed Acorn Income fund run by Collins Stewart have failed to have the £85m investment company wound up.
At an AGM on 26 June some 67.67% of shareholders, including arbitrageur Weiss Asset Management, supported a special resolution to end the life of the company, just below the 75% level needed.
The vehicle consists of a UK small-cap mandate run by investment boutique Unicorn, headed up by Peter Webb, and an investment grade bond portfolio run by Collins Stewart.
Andrew Duquemin, corporate finance director at Collins Stewart, said Acorn has traded at a discount of around 10%-15% of NAV, making it vulnerable to arbitrage activity. The board of the company is now looking at ways to continue the company while allowing some shareholders to exit the vehicle.
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