Principle Capital to be liquidated

Shareholders in Principle Capital Investment Trust plc (PCIT) have voted to liquidate the listed vehicle and remove founding chief executive officer Brian Myerson, along with directors Alan Clifton, Brian Padgett and James Roe. The four have been replaced by John Chapman and Patrick McCann who reportedly are expected to start winding up the £48.6m trust and return capital to investors at or near the prevailing net asset value per share.

Investment management is expected to be passed to Crystal Amber Asset Management in a two-year deal with management fees structured as 3% of capital realised and returned.

The decision comes on the back of poor performance by PCIT in 2008, when the share price plunged 80%. So far this year the fund has seen something of a recovery and the price has doubled in the first quarter of 2009.

Myerson, who set up PCIT four years ago, is said to have called for a second extraordinary meeting on 16 April to rescind the decision.While not subject to a public vote, director Wilfrid Caldwell has also stepped down as a director.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• UK / Ireland