VPC announces board reshuffle ahead of AGM
Two board members are stepping down from VPC Specialty Lending Investments (VPC) ahead of the investment trust’s upcoming annual general meeting.
Elizabeth Passey and Clive Peggram will not seek re-election at the AGM which is being held on Friday 23 June. Both Passey and Peggram have served on the board since the launch of the company more than nine years ago.
“I, and my fellow directors, have found Elizabeth and Clive’s wise counsel and experience of the company hugely valuable and we thank them deeply on our own and on the company’s behalf for their contributions,” said Graeme Proudfoot, VPC chairman.
The upcoming AGM will bring shareholders together for the first time since VPC proposed entering a managed wind-down.
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Late last year, the alternative finance-focused investment fund said that due to the current level of the discount of the share price to net asset value (NAV), it would be better to wind down the company rather than implement the 25 per cent exit opportunity which it had previously proposed.
The trust had previously put forward an exit plan which would enable shareholders to realise the value of 25 per cent of their shares that would take effect in 2023. However, this plan was voted down by three key investors – Global Value Fund, Staude Capital Value Fund and Metage Funds.
Read more: VPC Specialty Lending shareholders call for change to investment strategy