Shareholders in the Strategic Equity Capital (SEC) investment trust have voted in favour of keeping the trust going, after some investors called for it to be discontinued.
Over 82% of shareholders - representing 55.5% of capital - voted for the trust's continuation, with only 17% voting for its termination, according to the results of the general meeting. The SEC board under has been pressure amid accusations of mismanagement. Shareholders Ian Armitage and Jonathan Morgan, who together have a 7.66% stake, said "the majority of the problems the trust currently faces are the direct result" of decisions made since chairman Richard Hills was appointed in 2014. Hills recognised the "frustation" from investors but said the results showed "support". "We ...
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