6th Dec 2024 18:35
Keystone Positive Change Investment Trust PLC - Edinburgh, Scotland-based investor in socially and environmentally-conscious companies - issues circular relating to its voluntary wind-up proposal saying shareholders will be eligible to receive cash or rollover option of new shares in Baillie Gifford Positive Change Fund. Keystone announced winding-up proposal on September 30 and says it is in the best interests of shareholders, recommending they vote in favour. Cites benefits including the continuity of investment manager and strategy, the ability to stay invested in a tax efficient manner and the opportunity for unlimited cash exit. Explains that despite confidence in its strategy's long-term prospects, it "recognises that there has been a challenging period of performance during a difficult backdrop for the investment trust sector" and that it "recognises that the company has not received sufficient support from shareholders to allow the strategy the time needed to play out". Firm says it expects the effective date of the scheme to be February 7 pending shareholder approval.
Current stock price: closed down 0.8% at 256.00 pence on Friday in London.
12-month change: up 21%
By Christopher Ward, Alliance News reporter
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