The board of Fundsmith Emerging Equities Trust (Feet) has set out the timeline for liquidating the strategy.
Plans to shut the investment trust were announced by Fundsmith founder Terry Smith (pictured) last month, after Feet’s performance had fallen below expectations.
A general meeting has been scheduled for 11 November, with the results announced later that same day. The liquidation needs the backing of 75% of shareholders.
If approved, two liquidators from EY will be appointed, with all power held by the directors ceasing from that point.
On the morning of 14 November, all shares will be removed from the FCA’s Official List, and admission to trading will be cancelled.
If each deadline is met, the first capital repayments to shareholders are expected to begin on 18 December, though ultimately this decision will fall to the liquidators.
