Investors have backed the delisting of the RDL Realisation (RDL) investment trust.
The alternative finance-focused fund has been in the process of winding down since 2018 following management issues and a legal dispute with one of its holdings.
A general meeting was held today (12 January) where 99 per cent of investors supported the cancellation of its main market listing.
RDL’s board said in a stock market update last 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.
The announcement also said it would cancel its stock market listing and remove shares from trading on the London Stock Exchange.
These changes are expected to take effect on 24 February 2021.
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.