Shareholders vote to wind up Resources

  • Story by: Oliver Shah
  • Magazine: InvestmentAdviser
  • Published Monday , April 14, 2008

Shareholders of the £3.7m Resources investment trust have voted to voluntarily wind up the vehicle, which has now been de-listed and is in the process of being liquidated.

Advertising

Around 98 per cent voted in favour of redeeming their holdings at an extraordinary general meeting on 4 April, against just 2 per cent opposing.

The company was launched in January 2002, and managers David Hutchins and Kjeld Thygesen aimed to generate a return from the booming demand for natural resources.

In October 2006, the managers proposed to wind up the trust with a view to providing shareholders a positive return on their intial investment.

At the end of February, the majority of the portfolio was sunk in cash and fixed interest at 83 per cent, with 11 per cent in UK resources and 6 per cent in Canadian equities.

Over the past year, the trust's NAV has returned 141.1 per cent against the FTSE World index which returned 100.3 per cent.

Michael Rollings and Vivienne Oliver of Baker Tilly Restructuring and Recovery will act as liquidators, the board said.



Income Release From Scottish Life

Our fully integrated income drawdown facility lets your clients take income or a lump sum how and when they want, without retiring.

To read more click here

FTAdviser  Jobs  RSS

More positions