LONDON - Keystone Positive Change Investment Trust plc (LSE:KPC) has made available its Annual Report and Financial Statements for the fiscal year ended September 30, 2024, following a preliminary announcement on November 27, 2024. The report, now accessible via the National Storage Mechanism and the company's website, does not include a Notice of Annual General Meeting but references a Shareholder Circular concerning a Scheme of Reconstruction.
The Directors have affirmed that the Financial Statements present a true and fair view of the company's financial position and comply with UK accounting standards. The Strategic Report in the document provides a transparent review of the company's performance and principal risks.
Keystone Positive Change I.T. identified several risks, including financial, investment strategy, climate and governance, discount, regulatory, custody and depositary, operational, gearing, political and economic, and cyber security risks. The Board has actively managed these risks through various measures, including monitoring market conditions, shareholder engagement, and compliance with legal and regulatory frameworks.
The company's financial risk remains high due to ongoing market volatility amplified by macroeconomic and geopolitical concerns. The investment strategy risk also remains elevated as the market's appetite for the innovative growth stocks held by the company is subdued. However, the Board is confident in the long-term prospects of its investment strategy.
To address the discount risk, the Board has proposed a Scheme of Reconstruction, offering shareholders options to either continue their investment in a global impact strategy or receive a cash exit at a modest discount.
The report indicates that all control procedures related to custody and depositary, operational, and cyber security risks are functioning effectively. The company has also taken steps to mitigate gearing risk and closely monitors political and economic developments that could impact investments.
The emerging Execution Risk associated with the proposed Scheme of Reconstruction is being addressed through shareholder consultation and the engagement of qualified professional advisors.
This news is based on a press release statement from Keystone Positive Change Investment Trust plc.
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