Strategic Equity Capital scores comfortable win in continuation vote – At today’s extraordinary meeting of shareholders, shareholders approved the continuation of the trust by a margin of 38.8m to 8.4m votes or 82.2% versus 17.8%. Very few shareholders were persuaded to back the requisitionists.
Richard Hills, chairman of Strategic Equity Capital, commented: “We are grateful for the support of a significant majority of shareholders for the continuation of the company. The company’s NAV has risen 33% since Ken Wotton was appointed as lead fund manager in September and the company’s share price is at an all-time high. Nevertheless, the board acknowledges shareholders’ frustration that the discount to NAV remains wide and we will be looking at ways to address this. We will update the market in due course.”
[As we suspected, this was a waste of time and money for the trust. Strategic Equity Capital holds continuation votes at its AGM each year and it isn’t long since shareholders backed the trust to continue. The new management team has barely got its feet under the table. It needs time to prove itself. If performance improves, we’d expect the discount to come rattling in.]
SEC : Strategic Equity Capital scores comfortable win in continuation vote