AIC responds as Impax Environmental Markets shareholders accept board's exit tender offer
Shareholders have until 1.00pm on 17 April to tender their shares.
The Association of Investment Companies (AIC) has responded to the result of Impax Environmental Markets’ general meeting today.
Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “Shareholders have backed the board of Impax Environmental Markets, which will give all shareholders the opportunity to escape being trapped in a Saba-controlled vehicle. But it’s infuriating that this is likely to result in the loss of a unique investment trust which nearly nine in ten shareholders backed in a continuation vote last year. Any shareholders who want to exit need to tender their shares immediately, if they haven’t already done so.
The FCA has announced that it is going to review the Listing Rules, but any changes will be too late to make a difference for this trust. The AIC has put forward suggestions for reform to address gaps that have been exposed by Saba’s actions.”
