A Fair Degree of Turnover by the Black Sea

CEF DIRECTOR MOVES: While the Black Sea Property fund has a history of director turnover, the leadership of Investec Structured Products Calculus is picking up on the same trend lately

Jackie Beard, FCSI, 14 February, 2011 | 5:04PM
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Director Changes
Sarmad Zok has joined the board of BlackRock Frontiers (BRFI) as a non-executive director. Zok is also on the board of three non-listed hotel companies.

Bodgan Stanchev and Irene Komitova have both resigned from the board of Black Sea Property ltd (BKSA). Both joined the board as non-executive directors in October 2006. This Bulgarian property fund launched in March 2005 and, since that time, has seen a fair degree of turnover on the board. The average tenure is just 3.5 years.

Dr Sandy Nairn, manager of EP Global Opportunities (EPG), no longer has a notifiable interest in the company. On 17 January 2011, he held 7% of the company. This company is planning to merge with Anglo & Overseas (AOT).

There are changes to the board of Investec Structured Products Calculus VCT (ISP). Christopher Wightman has resigned as director and chairman after less than a year in the latter role. Michael O’Higgins has moved from being non-executive director to chairman with immediate effect, having served on the board since March 2010. Finally, Kate Cornish-Bowden joins the board in her first role as a non-executive director.

Martin Riley, chairman of the board of SR Europe, has sold a chunk of shares and reduced his personal holding to 3.46% of the company.

Ms Ilke Toklu has resigned from the board of Islamic specialist company Tejoori. She was instrumental in helping to launch the fund in 2006 and was the chief executive officer since December 2009.

Director Buying
Aberdeen Asian Income (AAIF) – Peter Arthur
Alliance Trust (ATST) – Robert Burgess, Katherine Garrett-Cox, Alan Trotter, Joni Cline
Caledonia Investments (CLDN) – Will Wyatt
Chrysalis VCT (CYS) – Peter Harkness, Julie Baddeley
Dunedin Income Growth (DIG) – Catherine Claydon
F&C Investment Trust (FRCL) – Jeffrey Hewitt
JPMorgan Indian (JII) – Richard Burns
Middlefield Canadian Income (MCT) – Philip Bisson
Murray Income Trust (MUT) – Patrick Gifford
Murray International (MYI) – Alfred Shedden
New India (NII) – Sarah Bates
Personal Assets (PNL) – Hamish Buchan
Primary Health Properties (PHP) – Harry Hyman
Rensburg AIM VCT (RSB) – Barry Anysz, Andre Winter
Schroder Income Growth (SCF) – Keith Niven
Schroder UK Growth (SDU) – Keith Niven, Stella Pirie
Schroder UK Mid Cap (SCP) – Rachel Beagles
Temple Bar (TMPL) – John Reeve
Utilico Emerging Markets (UEM) – Kevin O’Connor, Garry Maderios, Charles Jillings, Alexander Zagoreos, Anthony Muh
Value & Income (VIN) – David Smith

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