By Jennifer Hill, Citywire Investment Trust Insider, 20 February 2025:
Keystone Positive Change (KPC), one of seven trusts that has defeated Saba Capital’s attempt to oust its board, has scheduled meetings to decide its fate next month.
The £165m Baillie Gifford-run impact investment trust has published a circular formally reconvening meetings at which shareholders can elect to roll some or all of their shares over into Baillie Gifford’s similarly managed open-ended fund and/or receive an uncapped cash exit..
The board of Keystone Positive Change said in a stock market announcement that it has the support of major shareholders..
QuotedData said it was pleased to see the board move ahead with plans to effectively wind up the portfolio of global companies making a positive social impact, which were effectively blocked by Saba last month.
James Carthew, head of investment company research at QuotedData, said: ‘Saba would be mad to block it, so I think it will be approved at the two meetings.’
He has previously criticised the 1% exit charge for those opting for a cash exit.
‘If you want cash, I would tick the rollover box and then cash in the open-ended fund at first opportunity – after all, it’s a daily dealing fund,’ he said.
‘The cash option money is expected to be dispatched in the week commencing 7 April, whereas dealing in the open-ended fund is in theory available on 31 March, so the timing may be about the same though platform experiences may vary.’
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