Verizon to cut 15,000 jobs amid growing competition pressures - WSJ
LONDON - The Schiehallion Fund Limited announced Tuesday it will seek shareholder approval to list its ordinary shares on the Main Market of the London Stock Exchange and join the closed-ended investment funds category of the Financial Conduct Authority.
The Guernsey-based fund has published a circular detailing proposed changes to its articles of incorporation ahead of an extraordinary general meeting scheduled for December 8 in London.
To qualify for the new listing, Schiehallion must modify its current voting structure, which currently limits voting rights for U.S. residents. The fund plans to introduce a new special voting share (Class B Share) and remove the existing "voting cramdown" mechanism to ensure all ordinary shares carry equal voting rights.
The company also intends to formalize its investment policy to meet UK Listing Rules requirements while maintaining substantially the same investment objective and strategy.
Shareholders will vote on a Takeover Panel waiver that would exempt the trustee holding the new Class B Share from making a mandatory offer to all shareholders, which might otherwise be required under Rule 9 of the Takeover Code.
Additionally, though not part of the formal proposals requiring approval, Schiehallion plans to change its tax residence from Guernsey to the UK effective February 1, 2026, and introduce a sterling-denominated quote for its shares alongside its existing quote.
The fund’s management believes these changes will broaden the appeal of its shares to a wider range of investors, potentially improving liquidity by accessing a larger pool of capital.
If shareholders approve the resolutions, admission to the London Stock Exchange’s Main Market is expected to take place on December 10, according to the timetable outlined in the company’s press release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.