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Smithson Investment Trust PLC on Tuesday said that it will be including a resolution in favour of continuing the company in the notice of its annual general meeting. Smithson Investment is a London-headquartered trust focused on long-term investments in small to mid-sized companies worldwide. As per its annual report, released last week, the firm achieved net asset value per share as at December 31 of 1,598.0 pence, up from 1,410.7p a year prior. Its NAV total return for the year was positive 13.3%, compared with negative 28.1% in 2022, and versus positive 9.1% from MSCI World Small & Mid-Cap Index. However, the company’s shares traded, on average, at a price represented which represented an 11% discount to net assets per share during 2023. Subsequently, it considered whether to put a resolution to the next AGM for shareholders to vote on whether the company should continue in its present form. After discussing the matter with advisers, Smithson said that such a resolution - especially given ‘consistently positive feedback’ from shareholders, ‘would not be appropriate’. Subsequent feedback from certain shareholders has, however, emphasised the value to them of a continuation vote as a point of principle. An ordinary resolution in favour of continuation will therefore be included in Smithson’s notice of AGM. Smithson Investment Trust shares were trading 0.1% lower at 1,392.00 pence each in London on Tuesday at noon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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