Your vote counts: investment trust AGMs in August 2024

Kepler Partners rounds up the meetings taking place, and picks out key votes taking place for two investment trusts.

31st July 2024 09:02

by David Brenchley from Kepler Trust Intelligence

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August is a quiet month for investment company annual general meetings (AGMs) this year, with only six in the calendar – two of which have shareholder approval to be wound down.

Downing Strategic Micro-Cap

This smaller company specialist is well and truly on its way to returning cash to shareholders, with the board highlighting in its annual results that the process is exceeding its expectations.

Downing Strategic Micro-Cap Inv. Ord (LSE:DSM) paid the third tranche of the proceeds back to shareholders on 18 July, at which point it had returned about 90.2% of its net asset value (NAV) as at 28 February to shareholders. Shareholders may get an update on this progress on 21 August at its AGM.

Before that, DSM shareholders must vote on whether to remove two members of the current board and replace it with three new directors in a requisitioned general meeting on 5 August called by Vidacos Nominees on behalf of Milwood Capital, which owns 28% of DSM’s shares. The board has recommended shareholders vote against the resolutions put forward by Milkwood.

abrdn Property Income Trust

In May this investment trust proposed changing its investment policy to a managed wind-down. A general meeting at the end of May saw that proposal voted for, with more than 95% in favour.

The trust’s management now intends to sell all its assets in an orderly manner to achieve the best possible value for the commercial buildings it owns. The money raised will first pay back its borrowings and then be returned to shareholders. abrdn Property Income Trust Ord (LSE:API) expects this to take between 18 and 36 months, unless it can find a buyer for the whole portfolio.

Trust

Ticker

AIC sector

AGM date

Syncona Ord (LSE:SYNC)

SYNC

Biotechnology & Healthcare

6 Aug

Sequoia Economic Infrastructure Inc Ord (LSE:SEQI)

SEQI

Infrastructure

10 Aug

NextEnergy Solar Ord (LSE:NESF)

NESF

Renewable Energy Infrastructure

12 Aug

The Global Smaller Companies Trust Ord (LSE:GSCT)

GSCT

Global Smaller Companies

13 Aug

abrdn Property Income Trust Ord (LSE:API)

API

Property - UK Commercial

13 Aug

Downing Strategic Micro-Cap Inv. Ord (LSE:DSM)

DSM

UK Smaller Companies

21 Aug

These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

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    Investment Trusts

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