Vietnam Opportunity fund survives attempt to discontinue trust
The trust said that its second largest shareholder, which holds 11% of the total issued share capital, cast 23% of votes at the AGM and voted in favour of the discontinuation of the trust.
In the trust's annual general meeting yesterday (6 December), 29.1% of shareholders voted for a resolution to wind-up the trust, it revealed in a stock exchange notice.
All other resolutions at the meeting passed with over 90% approval from shareholders, the final resolution of the AGM failed, «that the company ceases to continue as currently constituted».
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The trust said that its second largest shareholder, which holds 11% of the total issued share capital, cast 23% of votes at the AGM and voted in favour of the discontinuation of the trust.
Prior to the AGM, the trust said its chair had met with representatives of the shareholder, who said they would support continuation of the trust if the board introduced a performance conditional tender mechanism.
The trust's chair presented the board's arguments as to why it believed it would not be in the trust or shareholders' interests but said «the shareholder was not persuaded and has voted contrary to the board's recommendation».
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The board will now reflect further and will report back to all shareholders at the time of the publication of the interim results in March 2024, in accordance with the Association of Investment Companies Code of Corporate Governance.
The trust currently sits on an 18% discount, according to data from the AIC. It has returned 26.8% over the last three years, compared to a Country Specialist AIC sector of 11.3%.
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