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
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.
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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.
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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 |
SYNC | Biotechnology & Healthcare | 6 Aug | |
SEQI | Infrastructure | 10 Aug | |
NESF | Renewable Energy Infrastructure | 12 Aug | |
GSCT | Global Smaller Companies | 13 Aug | |
API | Property - UK Commercial | 13 Aug | |
DSM | UK Smaller Companies | 21 Aug |
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