Investors in Hendersons fund of hedge funds vote on the future of the vehicle later this month.
Shareholders in the Henderson Absolute Return Portfolio (Harp) investment company are to consider proposals for at least 75% of the vehicle's shares to be realised for cash at a minimum 97% of net asset value (NAV).
Harp, a Guernsey-domiciled fund of hedge funds, is managed by John Husselbee, head of multi-manager at Hendersons.
The trust board was presented with the proposals at an EGM on 8 August after receiving a requisition from major shareholder Carrousel Capital earlier this month.
The move came ahead of another EGM scheduled for 25 July, which was called to vote on a proposed tender offer by the Harp board for up to 50% of the trust's capital at a 9.5% discount to NAV.
The tender was aimed at providing an exit for shareholders unhappy with the persistent discount at which its shares have traded.
Stephen Westwood, head of investment trusts at Hendersons, said the board would now canvass major shareholders on their preferences for Harp's future.
Carrousel, a hedge fund which has accumulated a 19.75% stake in the trust over recent weeks, is now Harp's largest shareholder, said Westwood.
Harp invests in hedge funds run by UK-based managers. Its share price rose by 4p to 95.5p on the back of the announcement on 21 July.
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