At a meeting in September, more than 74% of shareholders chose to wind down the trust instead of backing a motion for a dual share class structure.

It follows a proposal in June to create that structure, under which 30% of share capital would be placed in “realisation shares”, with the aim of returning capital at close to par over eight years. Last month the board increased that proportion from 30% to 40%.

Chair Peter McKellar said: “The election results demonstrate that a significant majority of our shareholders are seeking a clear path to liquidity.

“As we set out in the circular, where demand exceeds the 40% threshold, the board, having consulted with the investment manager, believes that an orderly realisation of the entire portfolio represents the most equitable outcome for shareholders as a whole.

Now, at an extraordinary general meeting on 7 October, the managed wind-down resolution will be the only option presented to shareholders. The trust trades at a wide discount of 40% to net asset value (NAV).