Calls for SEC trust discontinuation as investors take aim at board

Accusations of mismanagement

Mike Sheen
SEC board under pressure approaching 30 March EGM

SEC board under pressure approaching 30 March EGM

Shareholders in the Strategic Equity Capital (SEC) investment trust have called for the company to be discontinued at a 30 March emerging general meeting (EGM), amid accusations of mismanagement levelled at the board.

Should SEC survive the vote to be discontinued, investors will also vote on whether a "strict" discount control target and mechanism be reinstated, and whether the board should see "changes to its composition". In a letter to SEC's board "long-term" shareholders in the trust Ian Armitage and Jonathan Morgan, who together held a 7.7% stake in the company as of February, said "the majority of the problems the trust currently faces are the direct result" of decisions made since chairman Richard Hills was appointed in 2014. They argue that "sanctioning multiple changes to the investment m...

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