Framlington Innovative Growth shareholders have voted against a proposal to restructure the £90m investment trust as a small-cap equity income vehicle for its manager, George Luckraft.
The results of a tender offer, announced today, show that 53.1% of the company’s shares in issue were tendered.
Under the terms of the tender offer, the board will provide for a reconstruction and winding up of the trust, with a full cash exit and a rollover option into the Axa Framlington UK Smaller Companies fund, managed by Chris St John.
Luckraft took over the management of Framlington Innovative Growth earlier this year. He took over from Brian Watson, who managed the trust from its launch in 1992 until the end of 2009.