The board is convening a General Meeting to put forward a resolution to approve the following proposals:
- amend the Existing Articles to remove the provision requiring the Board to propose a special resolution at the Company’s seventh annual general meeting for the liquidation of the Company and to extend the life of the Company indefinitely;
- amend the Existing Articles to provide for Subsequent Tender Offers at five-yearly intervals commencing on or around 30 June 2025;
- amend the Existing Investment Management Agreement to reflect a fee restructuring and a change from the current benchmark index to the MSCI ACWI Financials Net Total Return Index (in Sterling with dividends reinvested);
- amend the Existing Articles to confer powers on the Board to revise the Company’s gearing policy to reflect a new overall maximum gearing limit of 20 per cent. of NAV at the time at which the relevant borrowing is taken out (or increased), and amend the Investment Policy to reflect this change. (The Existing Articles currently permit a maximum leverage limit of 15 per cent. of NAV at the time of borrowing); and
- implement a Tender Offer so as to provide Shareholders with the ability to exit the Company, should they wish to do so.