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Real-Time news about Principle Cap. (London Stock Exchange): 0 recent articles
|masurenguy: Hmm..........looks like the 'experts', Nick Greenwood and Andrew McHattie, did not make a good call here - the share price has dropped almost 90%, from 169p to 17.5p since my last post on August 23rd.
Citywire Financial Publishers Limited.
Fri 27 Mar 2009
Myerson's woes mount as Principle Capital faces liquidation
Shareholders in Principle Capital Investment trust have voted by an overwhelming margin to eject directors which include activist investor Brian Myerson. Myerson, along with Alan Clifton, Brian Padgett and James Roe, have been replaced by John Chapman Patrick McCann, who have a brief to start winding up the £48.6 million trust and return capital to investors. He has now called a second extraordinary meeting of shareholders on 16 April in an attempt to rescind the decision. Investment management has been passed to Crystal Amber Asset Management in a two year deal with management fees structured as 3% of capital realised and returned.
Myerson is one of the UK's leading activist investors. The South African has targetted a number of UK firms over the years including, jeweller Signet and glassmaker Pilkington. Last year the South African teamed up with hedge fund manager Cycladic Capital to force the exit of the chief executive and chairman at Photo-Me International. The winding up the trust adds to the mounting lists of problems at Principle. Earlier this month he told the courts he could no longer pay the £9.5 million due to his ex wife followng their divorce in 2008 because the value of his estate had been wiped out in the recession.
Performance of the trust, which launched in October 2005, has been a long-term concern which has come to a head in the market downturn. It is down 52.7% over three years versus a peer average of -27.3%. In the last 12 months it has lost -35.2% over the last year against a peer group average of -24.4% and is trading at a -31.4% discount. Shareholders voted 56,362,418 to 38,130,951 to remove the previous managers and by 71,077,432 to 23,415,937 to begin the process of winding up the company. While not subject to a public vote, Wilfrid Caldwell has also stepped down as a director.|
Principle Cap. share price data is direct from the London Stock Exchange