LONDON, Sept 2 (Reuters) – British investment fund Trian Investors 1 (TI1.L), whose investment strategy is overseen by activist investor Nelson Peltz, will liquidate the company, it said. Friday, after a campaign for change within the company. by a group of activist investors.

Shareholders led by Global Value Fund, Invesco (IVZ.N), Janus Henderson (JHG.N) and Pelham voted to remove the chairman from TI1 last month. Read more

Campaigners had raised concerns about TI1’s strategy changes on the number and type of its investments, proposals to become a special purpose acquisition company (SPAC) and its share price performance.

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The trust’s investment management strategy is led by Peltz’s Trian Fund Management, itself an activist investor, taking stakes in companies and seeking change in order to increase their share price.

TI1, which manages about 440 million pounds ($508.42 million) in assets under management, has invested in Unilever (ULVR.L) and Ferguson (FERG.L).

It will compulsorily redeem at least 95% of each shareholder’s stake in the trust by June 30 next year, it said in a statement, leaving the underlying shares to investors.

Once the share buyback is complete, the board will begin a liquidation process, with any residual net assets to be returned to shareholders in cash, he added.

“The share buyback program recognizes the significant future upside potential of the company’s major holdings, while addressing some investors’ desire for greater liquidity.

and the company’s board of directors to see its discount to fair value reverse,” incoming chairman Mark Thompson said in a statement.

Shareholders, including Trian, representing 86.3% of its shares, backed the proposals, TI1 said.

The ad hoc committee of shareholders said it was consulted on the proposals and welcomed them favourably. The committee has been disbanded, he said in a statement.

TI1 shares jumped 17% to a record high.

The UK investment trust run by activist investor Third Point has also faced criticism from activist investors. Read more

($1 = 0.8654 pounds)

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Reporting by Carolyn Cohn; Editing by David Goodman and Mike Harrison

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