Board urging exit offer

Jeremy Curnock Cook has resigned as manager of International Biotechnology investment trust, following pressure from a US based arbitrageur and health problems. In May, Millennium, a US based arbitrageur, which owns 10% of the trust's shares, urged the board to draw up plans to give shareholders an exit price close to NAV. Millennium also called for the removal of Curnock Cook, who works for Rothschild Asset management. It also asked for the removal of John Green-Armytage and Donald Cecil, the chairman and deputy chairman of the trust's board, alleging the board had not done enough to ...