11th Dec 2015 10:38
LONDON (Alliance News) - Edinburgh Worldwide Investment Trust PLC on Friday said Chairman David Reid will be resigning at the end of its annual meeting to be held in January 2017.
Reid joined the Board in 1998 and became Chairman in 2011. Henry Strutt is set to replace Reid as chairman.
"The process for identifying a new board member has commenced and the board intends that a new director will have been identified and appointed by this time next year," the trust said.
News of Reid's upcoming retirement came as the trust reported that its net asset value per share, including income and with debt at fair value, increased by 10.0% in the year ended October 31. Its share price rose by 13.8%. The comparative index, the S&P Global Small Cap Index, increased by 3.5% in sterling terms.
The trust said several of its holdings contributed to the positive performance.
It named 4D Pharma, a UK based biotechnology company developing natural bacteria-derived therapeutics; Marketaxess, a US-based electronic bond trading platform; and, Galapagos, a Belgian clinical stage biotechnology company, as the being its most notable good performers.
Stratasys, a US-listed 3D printer manufacturer, was the "notable detractor" to performance, the trust said.
Edinburgh Worldwide is managed by Baillie Gifford & Co Ltd, a fund manager based in Edinburgh, Scotland.
Shares in the trust were up 0.7% at 459.30 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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Edinburgh Worldwide Investment Trust