Yesterday (22 January), the trust completed the sale of its hydro portfolio for £44.1m.

The managed wind-down was backed by 99% of shareholders back in March 2024.

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Following the realisation of assets, the board has proposed a voluntary liquidation which will be voted on at a general meeting on 24 February.

If approved, TENT’s listing will be removed from the London Stock Exchange the following day.

The board has urged shareholders to back the resolution, stating that the liquidation represents the most cost and tax-efficient and timely method of returning capital to shareholders.

However, the board will look to implement a £42m tender offer to buy back shares if the liquidation resolution is not backed.

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Rosemary Boot, TENT chair, said: “Now all that remains is the mechanism to return the balance of the cash available back to you, our shareholders.

“It is very important that all shareholders make time to vote on this matter to ensure that we are able to do so in a timely and tax efficient manner. We are recommending that shareholders vote in favour of all the resolutions being proposed.

“In addition, in order to participate in the tender offer [which we are proposing as an alternative mechanism in case the liquidation is not approved], shareholders will also need to have submitted their tender forms [which will be conditional on the tender offer proceeding] in good time.”