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Blue Planet Investment Trust PLC on Monday recommended to shareholders that the company be wound up, as it believes it is no longer commercially competitive. The Edinburgh, UK-based investment management firm said a drop in asset prices, in combination with inflation and regulatory changes had increased its ongoing charges to 9%, which has ‘rendered it commercially uncompetitive and unable to achieve its objectives’. Blue Planet said it recommends shareholders vote in favour of the voluntary liquidation of the company. A general meeting has been announced for February 21. The company reported a total loss per share for the first half ended October 31 of 4.04 pence, widening from a loss of 3.64p a year ago. Blue Planet noted that the total return on its benchmark Nasdaq Composite index was 1.2% falling from 5.8% the year prior. Net asset value total return per share for the first half was negative 26%, widening from negative 10% the year prior. The company did not declare an interim dividend. Blue Planet shares were down 0.7%, trading at 5.96 pence per share on Monday afternoon in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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