Chrysalis board urges shareholders to vote for continuation ahead of EGM
Trust faces its first continuation vote since IPO at AGM in March
Trust faces its first continuation vote since IPO at AGM in March
Growth strategies, including Baillie Gifford American, enjoyed a strong month for returns
Chair Andrew Haining told Portfolio Adviser that the move provides ‘a better structure’ to shareholders
Investment company is currently trading on a 49.6% discount to net asset value
Falling valuations continue to harm the growth-orientated trust
Meanwhile Chrysalis has forked out £20m to increase its stake in the bank
NAV was down 13% in its fourth quarter, but the trust has perked up since
Shares in the firm were suspended in September, with the trust selling out at a 90% loss in November
Trust has agreed to lower the overall fee to 12.5% of adjusted NAV above a high-water mark
In just over a year the value of the investment had plummeted to £5m
NAV has fallen more than 40% in a year
The challenger bank is eyeing an IPO before the end of 2023