18th Mar 2019 15:09
LONDON (Alliance News) - Athelney Trust PLC's managing director on Monday urged shareholders to vote for the removal of the trust's entire board at the annual general meeting to be held on April 3.
Emmanuel Pohl, the company's fund manager, managing director and significant shareholder, also urged the investment trust's shareholders to re-appoint former chair Simon Moore to the board and not authorise the issue of any shares as proposed by current directors.
Pohl said: "There is zero alignment of interest between the current directors, Gresham House, who recommended their appointment, and the shareholders of Athelney. Gresham House clearly have their own agenda to pursue and none of the current directors' have taken the time to acquaint themselves with the other Athelney shareholders as Simon Moore had done during his brief stint as a director and chair."
"Athelney has always been an extremely well-run investment trust with a low-cost structure and a compliance regime suitable for a small company. It would appear that the current directors have increased the cost base with increased travel and consultant fees, using corporate governance as the reason which is modern parlance for a complete lack of experience in the running of the relevant business."
Back in January, former managing director & fund manager Robin Boyle, called for changes in the company's board at an extraordinary general meeting on January 22.
Boyle, who holds a 21% stake in the investment company, wanted among other resolutions, the removal of Pohl from his role in the company as he claimed that Pohl was inappropriate as Athelney's fund manager, due to lacking real experience in UK equities, or a long-term successful track record.
Athelney currently uses Gresham House's investment platform.
Athelney shares were flat at 245.00 pence each on Monday afternoon.
Related Shares:
Athelney Tst.