Blackstone Loan Financing sets EGM date for outlining wind-down details

investmentweek.co.uk:

The firm’s board of directors proposed a managed wind-down of the £301m trust last month due to its persistent discount to net asset value.

The firm's board of directors put forward suggestions to close the £301m trust last month, due to its persistent discount to net asset value.

The board proposed a return to shareholders of the net proceeds from the realisation of the Company's investment in Blackstone Corporate Funding DAC, an Irish designated activity company which provides risk retention capital solutions, which the trust gains its investment exposure from.

Blackstone Loan Financing proposes managed wind-down

In a circular notice published today (25 August), Blackstone's board have called for an extraordinary general meeting for 15 September this year to go over its proposal.

In the notice, the board said it the closure was «in the best interests of the shareholders taken as a whole and accordingly, the board unanimously recommends that shareholders vote in favour of the resolution at the extraordinary general meeting».

It added that members of the board which were also shareholders were intending to vote in favour of the plan.

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