The board of the £323m Fundsmith Emerging Equities trust has proposed a voluntary liquidation of the company following notification that Fundsmith intends to give notice as investment manager.
A general meeting will be convened, at which the board will recommend shareholders vote in favour of the proposals. Both the board and Fundsmith will vote their respective 112,250 (0.43%) and 1,379,227 (5.25%) shares in favour of the resolutions. FEET is expected to be placed into voluntary liquidation by the end of November, with cash proceeds of the realisation of assets returned to shareholders. The move comes as Fundsmith CEO and CIO Terry Smith explained that while the trust has made a positive return since launch, it had "fallen below our expectations". Since inception, th...
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