Investment Trust Times: September 30-October 6

Aurora Investment Trust has improved liquidity for shareholders by adopting new continuation vote and tender offer policies

Jackie Beard, FCSI, 6 October, 2010 | 10:39AM
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Absolute Return Trust (ABRE) has received requests under its share switch scheme for the conversion of a small number of shares between EUR and GBP, once the NAV for 30 September 2010 has been released. The impact will be negligible.

AcenciA Debt Strategies (ACD), the global fund-of-hedge funds, has called an EGM on 22 October 2010 to change the company’s Articles of Association, to incorporation of pre-emption rights. This will help the company gain eligibility for inclusion in the FTSE Actuaries Index and thus improve liquidity for shareholders.

The Board of Aurora Investment Trust (ARR) have taken steps to improve liquidity for shareholders. Firstly, they plan to implement a continuation vote every three years instead of five (as was previously the case), with the next vote to be held at the AGM in August 2011. Secondly, the board plans to hold tenders to help improve liquidity, subject to certain conditions being met. If the discount to NAV exceeds 10% over the six-month period prior to calling the AGM (based on the average daily discount), the company will implement a tender offer for up to 10% of shares at a discount of 9%.

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