Shareholders in the Strategic Equity Capital (SEC) investment trust have called for the company to be discontinued at a 30 March emerging general meeting (EGM), amid accusations of mismanagement levelled at the board.
Should SEC survive the vote to be discontinued, investors will also vote on whether a "strict" discount control target and mechanism be reinstated, and whether the board should see "changes to its composition". In a letter to SEC's board "long-term" shareholders in the trust Ian Armitage and Jonathan Morgan, who together held a 7.7% stake in the company as of February, said "the majority of the problems the trust currently faces are the direct result" of decisions made since chairman Richard Hills was appointed in 2014. They argue that "sanctioning multiple changes to the investment m...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
