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Trust boards face crucial votes

Two investment trust boards are setting up EGMs after shareholder pressure which could result in their early wind-up and liquidation.

The trusts are the £60m Amerindo internet trust, which invests in emerging US technology companies, and the £22m intrinsic value trust, which focuses on UK small caps.

Amerindo&#39s board held discussions with majority shareholder Millennium Partners and is bringing forward the continuation vote, originally scheduled for January 2006.

Shareholders will vote on whether the trust should be wound down with capital returned to shareholders and, if this resolution is passed, on the board&#39s proposal to discontinue the company to allow the return of capital.

The board recommends that shareholders vote against the first resolution and pledges to review the trust&#39s structure and management regularly if the resolution is defeated.

Intrinsic value has sch-eduled an EGM for February 17 after Laxey Partners, which owns 19.25 per cent of the trust, made a requisition to replace two of the board&#39s directors with three of its own. The move, which would effectively give LP control of the trust, is being contested by the board which says it will propose liquidating the company without giving shareholders a rollover option, even if LP&#39s bid fails.

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