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LONDON - Schroder UK Mid Cap Fund plc (SCP) has publicly acknowledged the receipt of a requisition notice to convene a General Meeting. The request, submitted by Vidacos Nominees Limited on behalf of Jefferies LLC’s client Saba Capital Management, proposes a scheme for shareholders to potentially transition into a UK-listed open-ended investment company.
The notice suggests that the company’s shareholders consider approving a process that would allow them to either become or have the option to become shareholders of a new or existing UK open-ended investment vehicle. This vehicle would follow a similar investment strategy as Schroder UK Mid Cap Fund and would be managed by the current investment manager of the company.
In response to the requisition, the Board of Schroder UK Mid Cap Fund is currently assessing the validity of the proposal with its advisors. The Board has advised the company’s shareholders to refrain from taking any action at the moment and to await further communication from the company.
The proposal reflects ongoing discussions and considerations within the investment community regarding the structure and management of investment funds. It is part of a broader context where shareholders and investment managers explore different models to optimize investment strategies and shareholder value.
Schroder UK Mid Cap Fund plc will provide additional information following the Board’s comprehensive review of the proposal. The company’s management team and Board are committed to keeping shareholders informed and will issue an announcement following the conclusion of their assessment.
This news is based on a press release statement from Schroder UK Mid Cap Fund plc.
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