RUG : RENN Universal Growth planning liquidation
RENN Universal Growth has published its interim results and announced that the Board intends to put a proposal to shareholders that the fund be liquidated. RENN has been selling off its portfolio for some time and now has just five significant investments, the largest of which is Anchor Free which is unquoted. The Board fear that the company could lose its investment trust status if it sells more of its holdings and so think it would be simpler to appoint liquidators to finish the job of winding up the fund. There will be a meeting of shareholders on 10 December.
The asset value at the end of September was 289.25p – down 5.3p from the level at 31 March 2014. The share price fell by 15.4% over that period as the discount widened.