Specialist investment firm Laxey Partners will move to allow shareholders to exit the £124.3m Baring...
Specialist investment firm Laxey Partners will move to allow shareholders to exit the £124.3m Barings Emerging Europe investment trust if its three nominees are elected to the board.
In a letter to BEE shareholders, the latest shot in a bid to take control of the trust, Laxey director Colin Kingsnorth said Laxey also plans to reconstruct the BEE trust as a closed-end fund.
Laxey held 10.63% of BEE's share capital at 9 August and is seeking to have Kingsnorth and fellow Laxey director Rupert Lea appointed to BEE's five-member board at the trust's AGM on 23 September.
It is also seeking the election of Preston Rabl, a former director of the trust, and the removal of present director John Cousins.
Chairman Sir William Ryrie earlier wrote to shareholders urging them to vote against Laxey's proposals, saying if they succeeded in blocking the re-election of directors Prince Abas Hilmi and Charles Harman, they would obtain effective control of the trust.
However, Kingsnorth denied Laxey is seeking control and said it will vote for the re-election of Hilmi and Harman. Laxey also sees no need to change the current management contract with Barings, he wrote.
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Responding to letter from Treasury Committee chair Nicky Morgan