Terry Smith and co have sent a circular to my broker proposing to shutdown the current listed structure trading under NAV and transferring to an open vehicle (OIEC) which is not listed.
The circular is also published here: Restructure Proposal | Smithson
Any of you invested in SSON, or gone through similar rollover? Please share your experience and recommendation.
Thank you!
Essentially nothing to do, there are 2 advantages as the units will buy/sell at NAV rather & they are no longer subject to UK IHT as OIEC’s are exempt property to foreign residents unlike UK shares.
Thank you very much, FMF,
I pushed question to the broker if after the conversion I will have direct (via web) access to place buy/sell orders, or if this will become a manual /phone order - standing by to confirm. Either way, the past 10 years of following your guidance have been very good to me, so I will wait for the conversion.