Listed investment company Ellerston GEMS is expected to be delisted after a shareholder campaign. EGF listed last year at $2.50 per unit and at the end of June had a net asset value (NAV) of around $2.40 per unit but, like many listed investment trusts, has been trading at a discount, closing yesterday at $1.78.
Shareholder John Dalley, who owns 1.35 per cent of the trust, sent letters to other unit holders seeking support for his calls to wind up the fund saying that he expects they would be able to realise about $2.33 per unit if it occurred now. It is believed that he succeeded in getting the required additional 99 unit holders to support his motion.
