The End30 Jun 2020 12:30
As per todays results it looks like the end. Disappointing that they can't continue, but at least principled if AIM does not contain the investments at reasonable value it is better to close, see below :-
"A number of options have been discussed, all of which had various pros and cons, which were considered in detail. The culmination of these discussions will see a proposal and recommendation to shareholders that a members' voluntary liquidation of the Company be undertaken (the 'Proposal'). In addition, in view of the Proposal, the Company will be withdrawing its share buy back policy with immediate effect.
The Board strongly believes that this route will enable the Investment Manager to realise the portfolio in an orderly manner, maximising shareholder returns and minimising the significant ongoing costs incurred in running the Company.
It is intended that a circular (the 'Circular') be issued to shareholders in September 2020, outlining the full details of the Proposal. The Circular will also include a notice for a general meeting of the Company, to be convened prior to the Company's year end, enabling resolutions to be proposed and voted on by shareholders to this effect.
If approved, a liquidator will be appointed by shareholders and the Company will de-list from the London Stock Exchange. The liquidator, with assistance from the Investment Manager, will realise the remaining assets of the Company and distribute the proceeds to shareholders through periodic distributions. Once all of the assets have been realised and the liquidator is satisfied that there are no outstanding creditors or other liabilities the Company will be wound up.
Given the continuing challenges faced by the Company in its operating environment it is your Board's belief that the time is now appropriate for the Company to follow this route."