UK Commercial Property Trust faces a continuation vote as it has been trading on too wide a discount. Continuation votes triggered by the fund’s discount trading at wider than 5% for 90 days were built into the structure of the fund. The vote was triggered on 11 October 2016 and the meeting will be held on 9 November. It may be somewhat academic as Phoenix Life, which controls 47.9% of the company, has given an irrevocable undertaking to vote in favour. The last time this happened was 2009.
UKCM : UK Commercial Property triggers continuation vote