HSBC Calls for Changes at Unitech Corporate Parks

DIRECTOR MOVES August 29-September 2: UCP’s largest shareholder is demanding a change of director and rules regarding board members

Szymon Idzikowski 5 September, 2011 | 12:04PM
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Baillie Gifford Japan (BGFD): Martin Barrow has bought his first tranche of shares in the fund. We like to see such action as it aligns directors’ interest with those of the shareholders. That said, it’s a little disappointing it has taken ten years to happen, in this case.

British Portfolio Trust (BPO): Simon White has resigned after ten years on the board; he has also left Allianz Global Investors, the investment manager to the fund. Until now, he was the longest serving non-executive director of the company. The remaining four directors have an average tenure of 3.25 years.

F&C Investment Trust (FRCL): Sarah Arkle has bought her first tranche of shares since her appointment in March this year as a non-executive director to the fund.

International Public (INPP): John Whittle has bought his first tranche of shares since his appointment to the board in 2009.

Signet Global Fixed Income GBP (SIGG): David Staples has bought his first tranche of shares in this fixed income fund of hedge funds since his appointment to the board in January 2010.

Unitech Corporate Parks (UCP): HSBC Investment Management, the biggest shareholder in the fund with a stake of nearly 12%, has requested an EGM of the company, in which it proposes the removal of Dr. Mohammad Khan from the board;,he has served as a non-executive director since December 2006. HSBC proposes he be replaced by Sanjay Pandit. The shareholder has also requested the removal of the requirement that at least one director of the company has to be resident in the Isle of Man. The date of the EGM will be confirmed by the board of directors.

Ventus VCT (VEN): Rick Abbott has replaced Charles Connor as an executive director of the company. The board currently counts three members, including two non-executive directors.

Director Buying:
Absolute Return Trust GBP (ABR)- Robin Rumboll
Albion Enterprise VCT (AAEV)- P. H. Reeve
Albion Prime VCT (AAPV)- P. H. Reeve
Baillie Gifford Japan (BGFD)- Martin G Barrow
Bankers (BNKR)- Richard Brewster
Candover Investments (CDI)- Jan Oosterveld
F&C Investment Trust (FRCL)- Sarah Arkle
International Public (INPP)- John Whittle
Signet Global Fixed Income GBP (SIGG)- David Staples
Scottish Investment Trust (SCIN)- John Kennedy
Witan (WTAN)- R A Bruce

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Szymon Idzikowski

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

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