Henderson Alternative Strategies is among the first investment companies to issue a public health warning over coronavirus to shareholders as it prepares to move ahead with a general meeting on its proposed wind down.
The £104.4m investment trust confirmed on Monday morning the general meeting will go ahead on 25 March but due to World Health Organisation guidance on Covid-19 urged shareholders to vote remotely.
For those who still want to attend in person, the room would be vacated “swiftly” and no refreshments would be served to shareholders who did attend, a regulatory filing said. Fund manager Alex Barr (pictured) would not be presenting, although this had been the intention before coronavirus took hold.
“Given the possible health risks arising from travel to, and, potentially, via the interaction common to any large meeting, this year voting will be conducted on a poll rather than show of hands,” the filing said.
“We strongly encourage all shareholders on this occasion to submit their proxy forms remotely to ensure their vote counts at the GM and thus minimise the need to attend in these unprecedented circumstances.”
AIC seeks government clarification over shareholder meetings
Association of Investment Companies communications director Annabel Brodie-Smith said the industry body had received queries from some members on the best way to proceed with shareholder meetings due to the current coronavirus threat, but had not seen other announcements at this stage.
The AIC has sought clarification from government on how investment companies should proceed.
Brodie-Smith noted there were ways to manage the situation via electronic voting and, in some cases, the ability to watch presentations remotely.
Henderson Alternative Strategies had advised shareholder that proxy votes could be sent via post or on the Crest System if that was how shares were held. Proxy votes had to be received by 10.30am on 23 March.
Henderson Alternative Strategies prepares to wind down
The board of the Janus Henderson investment trust surprised analysts in January when it revealed it wanted to wind-down the Investment Trusts Flexible sector fund.
Barr had only joined the firm in summer 2019 having previously headed up private equity at Aberdeen Standard Investments. He had wanted to allocate more of the portfolio to illiquid alternative strategies, but found little appetite among shareholders.
The trust had been due to have a continuation vote in 2021.
The investment trust’s discount of 14.1% has narrowed from 20% at the start of the year despite coronavirus turmoil. The wind down of the trust is expected to take no more than two years.
Provident Financial and Blueprism among AGMs facing coronavirus precautions
While Henderson Alternative Strategies is among the first investment companies to have its meetings affected by coronavirus, several companies have had to issue similar precautions.
Provident Financial has said it may have to restrict entry of shareholders to its AGM on 7 May if they have travelled to high risk areas or been in contact with individuals infected by the coronavirus.
Blueprism has been forced to shift its AGM from Investec Bank to its own offices near Regent’s Park due to coronavirus precautions introduced by the original venue.
