Strategic Equity Capital GM
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The Board of Strategic Equity Capital scored a comfortable win in the continuation vote – At 30 March 2021 extraordinary meeting of shareholders, shareholders approved the continuation of the trust by a margin of 38.8m to 8.4m votes or 82.2% versus 17.8%. Very few other shareholders were persuaded to back the requisitionists and the 17.8% is below the 20% figure that the UK Corporate Governance Code requires companies to consult with dissenting shareholders.
Richard Hills, chairman of Strategic Equity Capital, commented: “We are grateful for the support of a significant majority of shareholders for the continuation of the company. The company’s NAV has risen 33% since Ken Wotton was appointed as lead fund manager in September and the company’s share price is at an all-time high. Nevertheless, the board acknowledges shareholders’ frustration that the discount to NAV remains wide and we will be looking at ways to address this. We will update the market in due course.”
Richard’s statement that they are looking at ways to address this is positive. When I met him and Henry Barlow last year the message I got was that they needed to wait until the performance improved and then the discount would sort itself out. The latest statement give me hope that they are now addressing the discount issue more broadly.