Yet Another Reshuffle at the Aurora Russia

DIRECTOR MOVES August 22-26: We hope Timothy Slesinger's appointment on Aurora Russia's board will mark a move towards stability

Szymon Idzikowski 30 August, 2011 | 11:56AM
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Acorn Income Fund (AIF): Michael McKean has tendered his resignation from the board, to take effect at the end of September. This will take the board to just two members.

Aurora Russia (AURR): Timothy Slesinger, one of the biggest shareholders in the fund, has been appointed as a non executive director with immediate effect. Slesinger had called an EGM to approve both his and Peregrine Moncreiffe’s appointments as directors in mid July. However, Moncreiffe has confirmed that he no longer wishes to be elected as a director, thus the EGM request has been withdrawn. John Whittle, Grant Cameron, Gilbert Chalk, Geoff Miller and Tim Slesinger will be seeking re-election at the next AGM in September. The remaining NED, Ben Morgan, will retire from the board if all re-elections are approved, but he will continue to act as the company's Guernsey legal counsel. Aurora Russia has seen several changes to its board in the last few months; we hope to see some stability now.

Black Sea Property Fund (BKSA): Angelo Moskov has resigned as a non-executive director after nearly four years on the board.

BlackRock Latin American (BRLA): Dr Mahrukh Doctor has bought his first tranche of shares since his appointment in 2009.

Ingenious Live VCT 2 (ILV2): After four years on the board, Andrew Morris has resigned as chairman and a non-executive director of the Company. Gavin Hamilton-Deeley has taken over the role. The board currently numbers three members with an average tenure of just 18 months.

Octopus Titan VCT 5 (OTV5): Stefan John Cassar has bought his first tranche of shares since his appointment in March this year.

Ottoman Fund (OTM): Having served for two years, Angelo Moskov has also resigned as a non-executive director from this company’s board. He has been on the board for only two years, quite a short tenure in our view. These moves mean he is no longer connected with any listed companies.

ProVen Growth and Income VCT (PGOO): Natasha Christie-Miller has replaced Nicholas Lewis as a non executive director of the company. This is her first such role. Lewis has resigned after ten years on the board.

Director Buying
Aberdeen Asian Income (AAIF)- Peter Arthur
BlackRock Latin American (BRLA)- Mahrukh Doctor
Hygea VCT (HYG)- John Randolph Hustler
JPMorgan Income & Growth (JIGC)- Jane E Tozer
JPMorgan Income & Growth Units (JIGU)- Karl Sternberg, Jane E Tozer
Lowland (LWI)- Robert Robertson
Murray Income Trust (MUT)- Patrick Gifford
Murray International (MYI)- Alfred Charles Shedden
New India (NII)- Sarah Bates
Octopus Titan VCT 5 (OTV5)- Stefan John Cassar
Premier Energy and Water (PEW)- Ian Graham
Primary Health Properties (PHP)- M P Creedy
Real Estate Credit Investments (RECI)- Tom Chandos
Temple Bar (TMPL)- Richard Jewson, Arthur Copple
Throgmorton (THRG)- Lord Latymer, Eric Stobart, Simon Beart
Value & Income (VIN)- David Smith

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Szymon Idzikowski

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

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