The board of investment trust Charter European Trust has reached out to Midas Investment Management, after it acquired a 23.9 per cent stake in the closed-end fund.

In a market statement, the investment trust board members contacted Midas offering to meet and discuss its intentions.

However, the board claimed its offer had been rebuffed as the investment manager 'has chose not to engage at this stage'.

In the market statement, the board of Charter European Trust said it was aware that it had not attracted 'significant new long-term investors'. The European equities investment trust currently has £65 million in total assets.

The size and speed of the stake building by Midas, has prompted the board to 'examine and evaluate' whether to continue or to wind up the trust.

It is currently in talks with its investment manager and a 'third party investment management house' over its options.

However, in the statement, the board confirmed that it was mindful of smaller shareholders who make up a large proportion of its share register.

Midas currently manages the £101.6 million Manchester & London Investment Trust, which invests in a portfolio of predominantly UK-listed companies.

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