10th Feb 2025 13:59
(Alliance News) - Keystone Positive Change Investment Trust PLC says it has received unanimous indications of support from major shareholders for the proposed reconstruction and voluntary winding up of the company.
The Edinburgh, Scotland-based investor in socially and environmentally-conscious companies adjourned a meeting to discuss the proposed scheme when Saba Capital Management LP tried to oust its current board.
Shareholders voted against the Saba Capital requisitioned resolutions last week.
The firm said the scheme offers an uncapped cash exit or rollover into Baillie Gifford Positive Change Fund, which it says has a similar strategy.
The company said it intends to convene the meeting required to implement the scheme as soon as practicable.
It is aiming to distribute cash to shareholders who opt for the cash exit in April.
Chair Karen Brade said: "We are pleased to offer the existing scheme in line with the wishes of shareholders as a whole... We remain confident that this is in the interest of all shareholders."
Keystone Positive Change shares were down 0.2% to 257.00 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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