RUG's board to recommend voluntary liquidation

Renn Universal Growth Investment Trust says the board has determined it is appropriate to recommend to shareholders that the company enters into voluntary liquidation as soon as practicable.

The decision was based on the current degree of portfolio concentration and the desire for the manager to continue to realise assets in a timely fashion.

The board intended to post a circular to shareholders in the next few weeks which will recommend the company's voluntary liquidation and the appointment of liquidators.

Since the date of the Annual Report, Renn Capital Group Inc. (the manager) has continued to realise assets but it has proved difficult for the company to make further significant disposals as the board has been mindful of the requirement to maintain a suitably diversified portfolio in order to preserve the company's investment trust status.

Throughout this process, the board has been taking advice on the level of portfolio diversification required to avoid jeopardising its investment trust status and the favourable tax treatment that comes with it.

The Annual Report indicated that, in order to continue the orderly realisation of assets, it was possible that the Company would have to enter voluntary liquidation at relatively short notice in order to preserve its investment trust status.

Provided that the Company qualifies as an investment trust at the time it enters into voluntary liquidation this status will usually be preserved.

At 8:01am: (LON:RUG) RENN Universal Growth Investment Trust Plc share price was +1.75p at 223p

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