Pacific Horizon calls on investors to vote against liquidation

7th Sep 2011 13:53

Cash-strapped investment trust Pacific Horizon has released a statement calling on its investors to vote against the liquidation of the company. The directors have proposed that the life of the company be extended for a further five years, but said if this move was not voted through it would propose the liquidation of the company, the proceeds of which would go to shareholders. The group said: "Despite the problems of debt and slow growth currently faced by the developed world, the board and managers consider that the attractions of investing in the regions of the Asia-Pacific and Indian sub-continent remain strong. "We are aware that performance in the volatile markets, which have followed the financial crisis of 2008/9, has been disappointing. "However, having conducted a thorough review of the Managers' approach and resources we judge them to have the right team to manage a portfolio in what we still consider to be a region with outstanding long term prospects for investment."Pre-tax profit for the year was down from £23.68m to £12.83m, while gains on investments fell from £22.36m to £11.17m. Cash also fell, tumbling from £0.7m to -£1.4m. Earnings per share rose from 1.65p to 1.98p. The board has recommended a dividend payment of 1.50p. The share price rose 0.51% to 147.50 at 14:29.NR