Investec Wealth & Investment has accused the board of Gabelli Value Plus of not “acting proactively on behalf of shareholders” as it called for a continuation vote on the investment trust.
In an open letter to the trust's chairman, Jonathan Davie, Investec Wealth & Investment's CIO Chris Hills said shareholders should not have to wait until the trust's annual general meeting in 2020 to voice their opinion on whether the poor-performing trust should continue to operate. Investec is the second largest shareholder of the trust, owning 22% of shares, behind the trust manager's parent company Associated Capital Group (27%), according to Bloomberg. The firm said it had raised a number of concerns to previous chairman Andrew Bell, also CEO of Witan Investment Trust, as early a...
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