Shareholder Charles Clark has failed to replace the directors of Murray VCTs 1 to 3 after a three-month campaign backed by Aberdeen.Clark gained 22 per cent of votes at an EGM held by Murray VCT 2 on Monday to remove the four existing directors and replace them with his proposed directors, and 28 per cent in a similar vote relating to Murray VCT 3. At the time of going to press, his spokeswoman said he expected to lose a subsequent vote at an EGM for Murray VCT 1 by a similar margin. Clark set up an action group at the end of May after the boards of the three poorly performing VCTs decided to switch management from Aberdeen to Close Venture Management. The boards subsequently agreed to merge the trusts. In August, Close threatened to resign as manager of the trusts if Clark won the shareholder votes. Aberdeen offered Clark use of its public relations firm Maitland and legal services firm Rosenblatts. It also paid for a proxy solicitation agency to contact shareholders. Asked how providing these services benefited Aberdeen, which says it has no interest in regaining management of the VCTs, Aberdeen spokeswoman Fiona Piper says: “Mr Clark approached the company, arguing that the boards had acted unrea- sonably and that the shareholders of those companies had been unfairly saddled with the cost of 1.1m paid to Murray Johnstone in termination fees. “Having some sympathy with his argument, we felt it was in the group’s interests to support the action of a shareholder who was trying to rectify a situation that we believed to be both unreasonable and detrimental to the reputations of Aberdeen Asset Management and some of its senior fund managers.”
Nearly half of parents have made no will, according to research from Barclays. It polled 1,019 adults and found 48 per cent of parents and overall 19 per cent of people over 65 have not made a will. Barclays points out that if there is no will then, in intes- tacy, if the deceased has […]
One of the frustrations in fund management is when a promising fund manager loses momentum and the success with a small fund gives way to mediocrity after strong asset growth. Sometimes this is ascribed to cashflow issues but sometimes the problem is more permanent, the process has simply run out of capacity.
Seventy per cent of companies have no exit strategy for their defined-benefit pension scheme despite the fact 88 per cent of UK firms operating a closed scheme continue to be significantly conc- erned by the drain on their finances, according to research from Aon Consulting.
To be a professional means more than merely having a job, it involves striving to achieve the highest standards.
By Mark Martin, Manager of Neptune UK Mid Cap Fund
Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.
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