Keystone Positive Change Investment Trust

On 6 December 2024, the Board of Directors of Keystone Positive Change Investment Trust plc (the “Company” or “KPC”) announced a scheme of reconstruction and members voluntary winding up of the Company under section 110 of the Insolvency Act 1986.

Pursuant to the proposal, each Ordinary Shareholder was entitled to elect to receive new Shares in the Baillie Gifford Positive Change Fund and/or an uncapped cash exit (subject to a 1.0 per cent. Discount to NAV per Ordinary Share).

The cash exit price was 2.30 pence per Ordinary Share and will be paid to eligible shareholders during the week commencing 7 April 2025. Shares in the Baillie Gifford Positive Change Fund were credited to CREST accounts on 28 March 2025 and shareholders received 0.7377 shares in the Positive Change Fund for each share held in the Company. 

Shareholders who elected to receive shares in the Keystone Positive Change Fund should contact the client relations team at Baillie Gifford at: enquiries@bailliegifford.com or on 0800 917 2113.

For questions relating to the receipt of your cash, contact the liquidator at: Keystone@parthenon.ey.com

Kate is an investment manager and decision maker in the Positive Change Team. Kate joined Baillie Gifford in 2002 and became a partner of the firm in 2020. She is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001.

Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long-term potential.

Lee is an investment manager and decision maker in the Positive Change Team. He joined Baillie Gifford in 2012 and has previously worked as an analyst on the Developed Asia, International Growth, Global Income Growth and International Alpha strategies. Lee is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.  
 
Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply and he has been interested in development since.

Ed is an impact director and decision maker in the Positive Change Team. He joined Baillie Gifford in 2018. Prior to joining Baillie Gifford, Ed worked for three years in a consultancy advising investors, insurers and corporates on risk management and social impact in emerging and frontier markets. Ed started his career as an officer in the British Army, latterly working in a cross-government role on the UK government. Ed graduated BA (Hons) in History from Newcastle University in 2008 and MSc in Sustainable Development from London’s School of Oriental and African Studies in 2020.

Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges.

Apricot is a senior impact analyst and decision maker in the Positive Change Team. She joined Baillie Gifford in 2023. Prior to working at Baillie Gifford, Apricot completed the graduate training programme at Aberdeen Asset Management, before working for Investing for Development SICAV, a Luxembourg-based blended fund focused on development finance. Apricot is a CFA Charterholder and graduated MBA from the China Europe International Business School in Shanghai. Her first degree was in Modern and Medieval Languages from the University of Cambridge.

Having worked in development, Apricot has been impressed by the power of financial markets to generate positive societal change. She has a particular interest in opportunities which support those living at the base of the economic pyramid.