News Column

Renn Universal Growth Continues Along Realisation Path

June 23, 2014

Samuel Agini

LONDON (Alliance News) - Renn Universal Growth Investment Trust PLC Monday said that it is making steady progress in realising its assets and returning cash to shareholders, and added that it may have to recommend putting itself into voluntary liquidation at any time during the coming

months due to the pressures of the remainder of its portfolio being concentrated in a smaller number of companies.

"As expected, the remaining portfolio is concentrated in a smaller number of companies. The board is fully aware of the implications of this position and is taking advice on the processes required to avoid jeopardising investment trust status and the favourable tax treatment that comes with it," Chairman Andrew Barker said in a statement.

Meanwhile, the trust said it will no longer use its power to buy back shares in order to avoid the risk of dealing while in possession of non-public information of its listed holdings. Therefore, it will not ask shareholders to renew that authority at its upcoming annual general meeting.

The trust said its net asset value per share fell by 7.0% in the year ended March 31, with the trust returning GBP12.95 million of capital to shareholders on March 21. Over the year, the share price rose by 17.1%.

Renn shares were Monday quoted at 272.00 pence, flat.

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Source: Alliance News

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