Strategic Equity Capital trust rebukes merger offer and announces tender

Approached by Odyssean

The board of the £222.8m Strategic Equity Capital trust (SEC) has decided against a merger with Odyssean investment trust and opted for a series of proposals to “enhance shareholder value creation” and allow the trust to continue as a “successful standalone vehicle.”

At the end of last year, the trust's board was approached by the board of the £153.6m Odyssean trust, who proposed the combination of the two companies. SEC said today (9 February) that after "due consideration" and consultation with shareholders, they will instead be announcing a series of proposals for shareholders with a focus of reducing the discount, which sits at 11.4%, according to Morningstar. The proposals, which are subject to shareholder approval include a tender offer of up to 10% at NAV, which will replace the previous tender offer due to complete in November 2022 which w...