Baillie Gifford UK Growth eyes 'one-off' continuation vote and tender offer

Appointment of chair

The board of Baillie Gifford UK Growth trust (BGUK) has put forward proposals to pass a “one-off” five-year performance triggered exit opportunity for shareholders and an additional continuation vote.

In its annual results for the year ended 30 April 2024 published today (14 June), BGUK said that, due to three years of underperformance, its board decided to commit to a tender offer. This would happen if, in the five years to 30 April 2029, BGUK's net asset value per share total return does not equal or exceed the FTSE All-Share index, to which it is benchmarked against. In that case, shareholders would be allowed to exit the fund in full at close to NAV per share. The trust noted, however, this would only happen if shareholders vote for the continuation of the vehicle at the upcomi...