1) The Directors refer to a ‘small group of shareholders’, implying that the issues are not widespread and shareholder concerns should be dismissed.
The Directors received requisition notices from 23 of the major shareholders representing c. 10% of the shareholding in each fund, which is twice the number of shares required to request additional resolutions at an AGM. Currently, over forty shareholders, representing c.20% of the shares, have now said that they will vote for the removal of the Directors. The level of support for management change and a comprehensive review of the operation of the funds has been widespread from those larger shareholders contacted to date. We welcome the chance to share the campaign more widely.