In a statement today, Liontrust revealed it has been engaging with the trust in an effort to "protect shareholder value" and ensure "good quality housing continues to be provided to vulnerable people".
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The firm alluded to potential propositions that may require shareholder approval to pass, with a range of options available.
"There is more than one proposition that may enable these two objectives to be achieved," a spokesperson said. "It is not appropriate for us to comment on any of the propositions at this stage, but we do believe there are ways in which a much better outcome can be achieved in time."
Liontrust pointed to the recent news that a "significant number of tenants" had begun to withhold rent from the social housing trust as a particular concern.
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It also revealed it had been in conversation with "other significant shareholders", as well as the board of the trust.
Investment Week has reached out to other major shareholders of the trust, including Sarasin & Partners, M&G and Newton Investment Management, for comment. BlackRock declined to comment.