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Murray VCT action group leader defends support from sacked manager Aberdeen

The row between three Murray VCT boards and the leader of the action group against them has escalated after he admitted receiving backing from their sacked manager, Aberdeen.

Shareholder Charles Clark says he was offered legal and advisory support after attacking Aberdeen over the 1.1m in severance fees it received when the VCTs moved to Close earlier this year. Clark felt shareholders were owed some of the money.

Clark’s action group has been campaigning against the decision to switch managers since May, saying it was unnecessary and too expensive. Aberdeen manager Bill Nixon supported a merger of the trusts.

The boards say they do now plan to merge the trusts to cut costs, with all but two directors stepping down. A statement from Murray says Clark’s investment in his campaign has exceeded the value of his 50,000 investment and questions his independence. Clark says he has more than 150,000 invested across all three trusts.

Clark says: “I would like to confirm my independence and that I have no hidden agenda. As for the funding of the campaign, I have limited resources. I canvassed Aberdeen hard and believed they had an obligation to shareholders. I hold Close in high regard and have no agenda on returning the funds to Aberdeen, and Aberdeen knows this.”

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