Templeton fails to win backing

The board of the Templeton Emerging Markets investment trust has failed to gain support for its reconstruction proposals. Although 63.5% of votes cast were in favour, because it was a special resolution a majority of 75% was required. As reported in Fund Strategy on May 29, the board proposed the reorganisation of the trust’s share capital into new ordinary shares and redeemable tracker stock. Wins Research criticised the plans as over-complicated.