Former Athelney Trust Managing Director Calls For Board Shake-Up

LONDON (Alliance News) - Athelney Trust PLC on Friday published a letter from former Managing ...

Alliance News 11 January, 2019 | 3:26PM
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LONDON (Alliance News) - Athelney Trust PLC on Friday published a letter from former Managing Director & Fund Manager Robin Boyle, calling for changes in the company at the extraordinary general meeting on January 22.

In the letter, Boyle, who currently holds a 21% stake in the investment company, called for shareholders to vote against agenda item one, including a tender offer and a share issue to increase the company's shares.

Boyle also called that shareholders at the meeting voted for all eight resolutions, which would see the appointment of Boyle, David Lawman and Paul Coffin as directors in the company.

The resolutions have also proposed the termination of Managing Director Emmanuel Pohl, Chair Simon Moore, Non-Executive Director Jemma Jackson and Alternate Director Jason Pohl.

Boyle 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. Boyle pointed towards the company's investment into FTSE 100-listed Rightmove PLC, which he dubbed as "not in the interests of shareholder value".

For the future, Boyle said he wishes to move the trust to the investment platform currently used by Gresham House PLC, as well as raise new capital and outsource some administration to cut down costs.

Shares in Athelney Trust were untraded on Friday, last quoted at 255.00 pence.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Gresham House PLC 510.00 GBX 1.90 -
Athelney Trust Ord 235.00 GBX -6.00
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