Directors of Gresham House, an investment trust, are under increasing pressure after Parkwood Property Investments – which owns 29.9% of the vehicle – called for their ousting in a letter to shareholders. Financial Times
Parkwood, run by Robert Maxted approached the investment trust twice in the autumn with a takeover proposal thought to value Gresham on a par with its net asset value.
It has now written to shareholders calling for four directors to be replaced with three of its own nominees, including Maxted, former chief executive of Pillar Properties.
Parkwood has claimed the investment trust is not maximising the value of its £40m property portfolio. In particular, it had “grave reservations” about a large real estate sale announced two months ago.