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Gresham House board ousted

Created:
13 October 2008
Written by:
Graeme Davies

The directors of the UK's oldest investment trust, Gresham House, have given in to the demands of rebellious shareholders. An extraordinary meeting called for Friday to remove five directors was adjourned before investors could vote after four directors, including chairman Alfred Stirling, tendered their resignations. Mr Stirling had been on the board of Gresham House since 1969. Thus the unseemly spectacle of investors voting out their board was averted but rebel shareholders, led by the Rowe Trust, got their way with the appointment of three of its representatives and fellow significant shareholder Parkwood.

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Gresham's decent record owes more to a strong performance in the early years of the decade as it has struggled a little of late. The new management is tasked with improving this performance and also shaking up and realising value from its property portfolio. A tough ask in the current markets. Fairly priced at 282.5p.

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