FEBRUARY 2025

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The trust remains suspended from the LSE, but progress has been made. Re-listing of the shares is likely to commence once the remainder of the outstanding reports and accounts are approved, relating to August 2023, and August 2024. These have been prepared in parallel, and August 2023 were released on 14 January 2025. The final hurdle will be the audited annual results for the year ended 31 August 2024 expected during Q1 2025.

The trust’s major creditor required that its debt be repaid through assets sales that took place during the course of 2024. It was repaid on time (December 2024) leading the board to recommend an orderly wind up as they believed the trust to be unviable given its diminished size. The previous board has since resigned.

Litigation is ongoing, as is the FCA’s investigation, with little detail available but it falls into two camps: the trust being a respondent to a class action suit claiming poor stewardship by the previous board and the trust itself seeking to litigate against the previous manager. We have no visibility on the likely success of either claim.

A reliable NAV will not be available until the latest accounts are filed. If/when the trust re-lists we will then take a decision as to its value versus its NAV. We have noted interest by third parties in bidding for stock on an off-exchange basis indicating that there are potential buyers for the assets.  

Please contact us if you have any questions or require further information regarding any specific client.