Multiple Chairman Departures in CEFs Last Week

CEF DIRECTOR MOVES: Aberdeen Smaller Companies High Income's chairman Henry Cathcart has retired; John de Havilland has resigned as chairman of Ruffer Investments; and more

Jackie Beard, FCSI, 18 April, 2011 | 10:56AM
Facebook Twitter LinkedIn

Director Changes: April 11-15
Henry Cathcart has retired as a director and chairman of Aberdeen Smaller Companies High Income Trust (ASCH) (formerly known as Shires Smaller Companies). He has served on the board since 1995 and as chairman since 2003. Carolan Dobson has been appointed chairman – she has been a director since 2004 and is also on the board of JPMorgan European Smaller Companies. The board of ASCH comprises just four members now and the average tenure is 6.75 years.

Sean O’Connor has announced he will step down from the board of private equity firm Graphite Enterprise Trust (GPE) in June. He has been a board member since April 2001. The company has six board members at present, and the average time on the board is eight years. The most recent appointment was Andy Pomfret in March 2011.

Tim Crowley has been appointed a non-executive director of property company Metro Baltic Horizon (MET). Trading in shares in this company has been suspended since November 2010.

Jonathan Little of Northill Europe Holdings SRL has joined the board of Alpha Strategic (APS) as a non-executive director. Following the recent placing of shares, for which approval is sought at the end of April, Northill will have more than 30% of the voting rights of APS.

John de Havilland has resigned as both chairman and non-executive director of Ruffer Investments (RICA), having held these positions since July 2004. No replacement chairman has been announced yet and he leaves a board of six non-executive directors.

Director Buying
Alliance Trust (ATST) – Katherine Garrett-Cox, Robert Burgess, Alan Trotter
Baillie Gifford Japan (BGFD) – Paul Dimond
BlackRock Frontiers (BRFI) – Nick Pitts-Tucker
BlackRock Latin American (BRLA) – Desmond O’Connor
British Assets (BSET) – Lynn Ruddick, James Long
Chrysalis VCT (CYS) – Julie Baddeley
Doric Nimrod Air One (DNA) – Geoffrey Hall
EP Global Opps (EPG) – David Hough
F&C Investment Trust (FRCL) – David Clementi, Roger Bone, Jeffrey Hewitt, Jeremy Tigue (manager)
Henderson TR Pacific (HPI) – Christopher Keljik, David Brief
Hygea VCT (HYG) – John Hustler, James Otter
Keystone (KIT) – William Kendal
LMS Capital (LMS) – Antony Sweet, John Barnsley
Personal Assets (PNL) – Rob Swann
Primary Health Properties (PHP) – M P Creedy, Dr Ian Rutter, Tim Walker (manager)
Scottish American (SCAM) – Lord Kerr of Kinlochlard
Scottish Investment Trust (SCIN) – John Kennedy (manager)
Securities Trust of Scotland (STS) – Neil Donaldson
Small Companies Dividend (SDV) – Rt Hon Norman Lamont of Lerwick
Temple Bar (TMPL) – John Reeve

Director Selling
Chelverton Growth Trust (CGW) – George Stevens

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

About Author


© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures