Chrysalis faces shareholders with continuation and fee votes set for March

investmentweek.co.uk:

If the vote passes at this AGM, the directors will put further continuation votes to the shareholders every three years, as set out by the firm’s IPO.

In a London Stock Exchange notice published today (29 January), the trust confirmed shareholders will be able to vote on whether the firm should continue its business as a close-ended investment company.

If the vote passes at this AGM, the directors will put further continuation votes to the shareholders every three years, as set out by the firm's IPO.

Chrysalis eyes 4.1% net asset value uplift from 'likely' portfolio holding sale

The notice included a rationale for continuation, explaining that the board believes the company has demonstrated its ability to invest in several «fast growing» businesses, while arguing the long-term funding structure the company has adopted is «right».

It was noted that realisations have taken longer and yielded less than anticipated, although the firm argued that with an additional three years, the company expects this to change.

An EGM was also confirmed for the same date as the AGM. 

The EGM has been convened to consider the firm's termination of Jupiter Investment Management as portfolio manager and investment adviser, effective 1 April, as well as the company's appointment of Chrysalis Investment Partners as the new investment adviser and G10 Capital as its new alternative investment fund manager.

Watts and Williamson depart Jupiter to focus on Chrysalis

In addition to the new management arrangements, the EGM seeks shareholder approval for the implementation of its new performance fee terms.

The firm intends to reduce the performance fee payable to investment advisers from 20% to 12.5%, and introduce a cap of 2.75% for each financial