|Principle Capital Inv Trust
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Principle Capital Trust Share Discussion Threads
Showing 1 to 5 of 25 messages
Chat Pages: 1
|Brian Myerson ousted by Principle Capital Investment Trust shareholders
By Rupert Neate
27 Mar 2009
Mr Myerson, who has led investor revolts to remove chief executives of host of companies, including Blacks Leisure, was removed after a shareholder revolt led by QVT Financial, an $8.8bn (£6bn) New York hedge, and EIM, the fund of hedge funds set up by Arki Busson. The shareholder group also voted to remove three company directors and liquidate PCIT, which lost more than 81pc of its value in 2008. The shareholder group want to wind up PCIT and return cash to investors. Shareholders also approved a proposal to appoint Crystal Amber Asset Management as manager of the company's funds.
Mr Myerson has called a second emergency meeting to try to reverse the decision. A spokesman for PCIT said the shareholder group was "desperate" to collect cash to return to their investors, but would not be able to secure enough votes to succeed. It comes at a bad time for Mr Myerson who hit the headlines earlier this month when he told a court he was penniless as he tried to renegotiate his £25.8m divorce settlement.
RNS Number : 5673P
Principle Capital Investment Trust
26 March 2009
Principle Capital Investment Trust Plc announces that all of the ordinary
resolutions proposed at the General Meeting held today were passed to the effect
* Alan Clifton, Brian Myerson, Brian Padgett and James Roe be removed as Directors immediately.
* John Chapman and Patrick McCann be appointed as Directors immediately.
* the Directors are directed to negotiate and execute, on behalf of the Company, a new investment management agreement with Crystal Amber Asset Management (Guernsey) Limited for a term of two years and under which the Company shall pay Crystal Amber a sum equal to 3% of all cash distributions made by the Company to Shareholders.
* the Directors are directed to change the investment policy of the Company to the effect that:
The special resolution to change the name of the Company to Realisation Trust
plc was not passed.
As notified to the Board and the Requisitionist and as set out in the Circular,
Wilfrid Caldwell has, following the passing of the above resolutions, tendered
his immediate resignation as a Director.|
|Its 50% below asset value itself.|
|Buys Value Companies|
|what is this pony doing - stock has halved whilst this self-styled 'activist' is puffing himself up in the press instead of working his butt off to restore the value destruction he has wrought.|
Chat Pages: 1