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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.


Liverpool Vic ties up Boots life deal

Friendly society Liverpool Victoria has joined the procession of insurers aligning themselves with major retail outlets, with a deal to sell life insurance through Boots. In contrast to other insurers, it will offer a free advice line for customers to seek guidance on their insurance needs from a specialised adviser. A typical policy will see […]

Correspondent&#39s week

It is 5.30am on Monday when I stumble out of bed in search of inspiration, black coffee and clean clothes. I am driving to work and if I do not leave the house before 6am I will be stuck on the chaotic A40 for the best part of two hours. Crash downstairs to discover that […]

Noble offers investors a capital idea

Noble & Company is aiming to raise up to £10m for the capital pub company 2 enterprise investment scheme (EIS), which will acquire an initial portfolio of 12 pubs over the next three years. The first capital pub company EIS was established in 2001 and has raised £15.4m through two share offers and a private […]

Three into one from Invesco

INVESCO PERPETUAL Distribution Fund Type: Oeic Aim: Income and growth by investing in equities and bonds Minimum Investment:Lump sum £500, monthly £20 Investment split: At least 60% bonds, remainder in equities Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 2% Commission: Initial 3%, renewal 0.5% Tel: 0800 028 2121 Invesco Perpetual&#39s distribution fund […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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