The RDL Realisation (RDL) investment trust has come a step closer to completing its wind-down after giving notice to its fund manager.
The alternative finance-focused fund has been in the process of winding down since 2018 and has been focusing on getting its portfolio repaid.
RDL’s board said in a stock market update this morning (25 November) that it has served notice to its manager, International Fund Management, and intends to become self-managed to save on fees while it closes down.
These changes are expected to take effect on 24 February 2021.
The announcement also said a general meeting would be held with shareholders early next year to propose cancelling its stock market listing and to remove shares from trading on the London Stock Exchange.
RDL said in September that it hopes to have the majority of its portfolio repaid by the middle of next year but has warned the pandemic is weighing on the value of the assets.
The fund announced in 2018 that it would close following public disputes over its strategy with shareholders such as Oaktree Capital Management and LIM Advisors.
It had also been hit by a long-running legal dispute with its Princeton portfolio holding.