The board is seeking shareholders’ approval in coming weeks for a change in the investment policy that will enable the sale of the portfolio. Subject to the approval, the board will look to return cash to shareholders through the orderly sale of the portfolio. It may consider a tender offer or offers as the portfolio is realised.
The company announced that it intends to realise its assets in an orderly manner which achieves a balance between returning cash to shareholders and maximising their value. The company arrived at this conclusion following the portfolio manager’s review and shareholders’ feedback on its portfolio and competitive positioning.
The company believes the realisation process will be completed within two years and expects to maintain its investment trust status during the period. At the conclusion of the realisation process, the board intends to propose that the company enter into voluntary liquidation.