The Downing Strategic Micro-Cap (DSM) trust has declared two special dividends for up to £17.6m, after an activist investor blocked its B share redemption proposal at a general meeting on Wednesday (3 April).
In a stock exchange notice, the £29m trust said it would not be able to implement the B share scheme to return cash to shareholders, as only 56.65% of the votes cast were in favour. The special resolutions required at least 75% of votes to be cast in favour to pass. A "new investor" in the trust Milkwood Capital, which is the main opponent to the managed wind-down, was also the major opposition to this measure. Other than shares owned by Milkwood Capital, less than 0.28% of votes were cast against the resolution. Chair Hugh Aldous said the B share scheme vote was put forward after sh...
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