Fund Boss in [Pounds Sterling]11m Divorce Row Faces Defeat over His Job; BRIAN MYERSON TRIES TO REGAIN CONTROL OF INVESTMENT TRUST

The Mail on Sunday (London, England), April 12, 2009 | Go to article overview
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Fund Boss in [Pounds Sterling]11m Divorce Row Faces Defeat over His Job; BRIAN MYERSON TRIES TO REGAIN CONTROL OF INVESTMENT TRUST


Byline: LAUREN MILLS

BRIAN Myerson, the activist investor still smarting after an unsuccessful attempt to scrap a multi-million pound divorce settlement, is set for further defeat this week when he tries to win back his old City job.

Myerson was ousted as chief executive of Principle Capital Investment Trust last month in a coup led by US hedge fund QVT and investment companies Invesco Perpetual and EIM, which plan to wind down the investment trust and return the cash to investors. But on Thursday he will try to wrest back control of the fund at an emergency shareholder meeting called by him.

If that fails, he has said he will use his stake and that of his supporters to stop the cash being returned.

QVT and Invesco own 43 per cent of PCIT while Myerson holds 21 per cent, but he is thought to have the support of Daniel Posen, a 12 per cent shareholder. Posen, like Myerson, is a South African living in Switzerland and two weeks ago he bought EIM's holding in PCIT.

Even with Posen's support, Myerson will not have enough votes to take control. But the two could stop the company from winding up the fund and returning cash to shareholders as planned by the current bosses.

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