Singer & Friedlander has finally admitted defeat in its battle to keep its football fund running by switching investors to another fund and applying to have its shares delisted.
Following an extraordinary annual meeting last month, S&F will amalgamate up to 85 per cent of the Dublin-based Oeic into its UK growth fund and delist the shares after a lack of demand and poor performance forced it to reassess its management position.
Although IFAs see the move as embarrassing for S&F, they have also highlighted the plight of the remaining 15 per cent of the investment which is trapped after the fund manager invested in a number of football shares which have become illiquid.
S&F says it will liquidate the stock and give investors the option of cash or shares in the growth fund but admits this could take up to 12 months.
Chief executive Richard Killingbeck says: “By waiting any longer, we would run the risk of letting the fund get increasingly illiquid and shareholders have lost a lot of money already.”
Hargreaves Lansdown head of research Mark Dampier says: “The fund was all right for a couple of years but the market for these types of funds is simply too small.”