Rebels welcome engagement from Strategic Equity Capital trust board

Overall shareholder base voted to maintain £201m trust

Two shareholder rebels have welcomed engagement from the board of the Strategic Equity Capital (SEC) trust, with directors acknowledging their concerns.

Shareholders Ian Armitage and Jonathan Morgan, who together hold a 7.7% stake in the £201m trust, have publicly complained against how the portfolio was being managed and its sustained NAV discount. The trust is currently trading at a 14.1% discount to an estimated NAV of £317m, according to Association of Investment Companies data. On 15 March 2021, they called the for SEC to be discontinued in an emerging general meeting after levelling accusations of mismanagement at the board. This was ultimately defeated by 82% of shareholders (with 17% voting for its termination), though chai...