Struggles at the Helm of Promethean CEF

DIRECTOR MOVES August 15-19: Knox D'Arcy Limited and Laminvest N.V. make two attempts to change board of Promethean fund

Szymon Idzikowski 22 August, 2011 | 2:06PM
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Mid Wynd International (MWY): Patrick Barron, the chairman and longest-standing board member of the global growth fund, has announced his departure at the end of the company’s current financial year in June 2012. Barron will retire after more than 32 years on the board and almost 23 years as chairman. The board currently numbers four members with an average tenure exceeding 21 years, a rarely seen example of such a long tenure.

Blue Planet Int Financials (BLP): Dr Kay Bendall has joined John Tyce and David Thomas as a non-executive director. This is her first such role. She is an executive director of Blue Planet Investment Advisers, Blue Planet Investment Management and Blue Planet Holdings and thus is not independent. Her appointment comes following the resignation of Dean Bucknell as a non-executive director earlier this month.

Promethean (PTH): Knox D'Arcy Limited and Laminvest N.V., shareholders of the private equity company, have made two requisitions to hold EGMs and change directors of the company. They requested the first EGM in an attempt to replace Sir Peter Burt and Martin Negre with Andrew Ashworth and Robin James. A majority of shareholders have informed the board they would vote against the resolution. In response, Knox D'Arcy Limited and Laminvest withdrew it and served a second one with a proposal to replace Martin Negre and Elizabeth Tansell with Andrew Ashworth and Robin James. A majority of shareholders have indicated their rejection of this one too, but it stands at the time of writing. The board of Promethean currently numbers three members. Burt, the chairman of the company, also serves as a fund manager of Promethean.

Director Buying
Amati VCT (ATI)- Charles Pinney, Simon Miller
British Assets (BSET)- Lynn Ruddick
Electra Private Equity (ELTA)- Kate Barker
Fidelity Special Values (FSV)- Sharon Brown
Finsbury Growth & Income (FGT)- Anthony Townsend
Investors Capital A Share (ICTA)- Herschel Post
Jupiter European Opportunities (JEO)- J D A Wallinger, Hugh Priestley
Murray International (MYI)- Alfred Charles Shedden
Murray International B (MYIB)- Alfred Charles Shedden
North Atlantic Smaller Cos (NAS)- Christopher Mills (investment manager)
Polar Capital Technology (PCT)- Rupert Montagu
Scottish American (SCAM)- Rachel Lomax
Securities Trust of Scotland (STS)- Neil Donaldson
Worldwide Healthcare (WWH)- Anthony Townsend

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Szymon Idzikowski

Szymon Idzikowski  is a closed-end fund analyst with Morningstar.

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