Luckraft investment trust to close

George Luckraft's Framlington Innovative Growth trust faces liquidation after investors representing more than 50% of its shares opted for a cash exit.

As part of the tender offer, investors were voting on a restructure of the £84m small-cap trust which included a broader investment remit and a change to the performance fee. However, shareholders representing 53.1% of its capital opted to leave the vehicle, triggering an automatic wind up and reconstruction. Investors can now either receive a cash exit or switch into Luckraft's UK Smaller Companies fund. Luckraft took over running the trust on 31 December 2009. In the 12 months to 23 August, its returned 24.1% compared to an AIC UK Smaller Companies average of 19.2%