Change in Strategy
31 Mayo 2011 - 3:51AM
UK Regulatory
TIDMBARS TIDMBARE TIDMBARU
Change in strategy
The Board noted in the Report and Accounts published on 20 April 2011 that
despite the strong positive return delivered by the Company's investment
performance, the increase in NAV over the last two years and the reduction in
the supply of the Company's Shares through reverse auction tender offers and
on-market share repurchases, the share price discount to NAV of each share
class has remained relatively wide.
The Board noted in the Report that it was continuing to explore different ways
to address the discount for the benefit of all shareholders and it has been
reviewing its options further over recent weeks.
In addition, as part of its regular communication with investors the Board has
again revisited its discussions with many of the Company's major shareholders.
Despite the recent NAV performance the key investor concerns remain the level
of the discount and, due in part to the relatively small market capitalisation
of the Company, the limited liquidity provided by each share class.
For these reasons the Board has now determined to recommend that the Company
should commence a managed wind-down of its portfolio with a view to realising
its investments in an orderly fashion, in a manner consistent with the
principles of prudent investment management, and subsequently returning capital
to shareholders.
This proposed change in strategy constitutes a material alteration to the
Company's investment policy and requires shareholder approval before it can be
implemented. A circular convening an Extraordinary General Meeting to seek such
approval and containing further details of the managed wind-down process will
be circulated to shareholders as soon as practicable.
Media Enquiries:
Ed Gascoigne-Pees - 0207 269 7132
Andrew Waterworth - 0207 269 7127
Financial Dynamics
Will Rogers - 020 7397 1920
Chris Lunn -0207 397 1912
Cenkos Securities plc
END
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