Directors of Gresham House, a 150-year-old investment trust, will face a vote on their removal at a meeting next month, after a requisition from Parkwood Property Investments, the investment vehicle run by Robert Maxted according to the Financial Times
Gresham said in a letter to investors that it would put the resolutions calling for the removal of chairman Alfred Stirling and Richard Lane, the head of the audit committee, as well as fellow directors Tony Ebel and Nicholas Rowe, at a meeting on January 21.
In their place, Parkwood – which owns 29.9% – is proposing the appointment of Maxted and two other nominees.
Gresham said its board unanimously recommended that shareholders vote against all the resolutions as they were 'not in the best interests of shareholders as a whole'.
Maxted approached the investment trust twice in the autumn with a takeover proposal. Parkwood has claimed the investment trust is not maximising the value of its £40m property portfolio, in particular questioning a real estate sale announced three months ago.