RENN Universal Growth plans liquidation

RUG : RENN Universal Growth plans liquidation

RENN Universal Growth plans to ask shareholders to approve putting the company into voluntary liquidation. The Board is keen to enact this before selling off more of RUG’s portfolio so as not to lose the benefit of RUG’s investment trust status.

The statement says “while the Manager continues to target a full realisation by the end of March 2015, it is possible that some assets may take longer to realise.” It mentions the unlisted investments, including Anchor Free, in this context.

“Because of the restrictions on the Company’s ability to dispose of assets prior to the liquidation becoming effective, it is not expected that the voluntary
liquidation will involve a significant capital distribution immediately thereafter. However, once the Company is in liquidation, the restrictions on
asset disposals will fall away (without jeopardising the Company’s investment trust status) and it is expected that an initial distribution to shareholders
will be made in early 2015 once the more liquid assets have been realised by the proposed liquidators.”

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