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New Star shareholders call for EGM

The uneasy truce between Jupiter and John Duffield&#39s New Star may be over as disputes surface over New Star&#39s management of a trust originally set up to manage Jupiter employees&#39 bonuses.

Shareholders in the trust, now called the New Star Investment Trust, are split between former and current Jupiter employees, with some at New Star and Duffield himself holding 38 per cent.

But many are pressing the trust&#39s board for an EGM. Jupiter says 60 per cent of shareholders want faster progress in the restructuring of the NSIT into two separate trusts outlined in an out of court agreement by Duffield and Jupiter last November.

The trust was set up by Jupiter under ex-chairman John Duffield, who acrimoniously split from the company last year after Commerzbank took the remaining stake in the company.

In the out of court settlement three months ago, Duffield agreed to use all reasonable endeavours to have the board instruct leading tax counsel to advise on a reconstruction and to ensure the board implemented it without delay.

Former Jupiter joint chief executive Michael Heathcoat Amory says: “It is disappointing that shareholders have felt it necessary to requisition a meeting.”

NSIT would only confirm receipt of the demand for an EGM, which must take place within 51 days.

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