Description
The Company’s Articles of Association stipulate that the Board must seek shareholders’ approval every five years for its continuation, and a continuation vote is scheduled for this year’s AGM. This vote coincides with the 35th anniversary of TEMIT’s launch. As mentioned in the discussion of the conditional tender offer above, performance over the last five-yearly cycle has been strong. Furthermore, over the 35 years since TEMIT’s inception returns have been exceptional. The NAV total return has been over 40-fold, compared with a 17-fold return for our benchmark index. In light of the long-term track record and the strength of the investment management team, the Board unanimously recommends that shareholders vote in favour of continuation.
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