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SVG Capital prepares to wind up this month

SVG Capital is set to wind up at the end of this month
June 15, 2017

Private equity investment trust SVG Capital (SVI) is proposing to wind up on 29 June, subject to a shareholder vote on 28 June, which requires 75 per cent of those voting to back the motion. If shareholders agree to the liquidation and final payout they will have £1.125bn returned to them in total - higher than the £1.118bn SVG Capital had originally expected to return when its tender and wind down plan was proposed last autumn. Shareholders would receive an initial distribution following the wind-up in early July, and the remainder of the estimated £176.4m payout by the end of the third quarter.

The trust has already returned £948.6m via three tender offers when it repurchased shares at 715p each, after agreeing to sell its portfolio to private equity firm HarbourVest.

SVG Capital's board recommends shareholders vote in favour of the proposals as the directors, who hold about 2 per cent of the trust's shares, are doing. The trust says it has no reason to believe it won't achieve the necessary majority of those voting.

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