Smithson investment trust performs volte-face to offer continuation vote

Board backtracks on previous decision

The Smithson investment trust board has backtracked on its decision not to hold a continuation vote in its upcoming annual general meeting, following shareholder feedback.

In a stock exchange notice today (6 March), the board said an ordinary resolution in favour of continuation will be included in the notice of the AGM, requiring 50% of votes to be cast in favour to pass. The trust's prospectus states that a discontinuation vote would be considered if the discount is in excess of 10% in any year. The vote would be introduced as a special resolution, requiring 75% of votes cast to trigger a reconstruction. Chrysalis faces shareholders with continuation and fee votes set for March Despite Smithson trading at an average discount of 10.7% in 2023, the b...