Castle Alternative Asia Director Sells Out of Fund

CEF DIRECTOR MOVES: We're disappointed to see a non-executive director selling their entire holding at Castle Alternative Asia prior to the fund's continuation vote

Jackie Beard, FCSI, 28 March, 2011 | 3:24PM
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Director Changes: March 21-25
We’re disappointed to see a non-executive director selling their entire holding at Castle Alternative Asia (CASA). The fund is subject to a continuation vote on 18 April. It seems a little premature to sell, in our view.

Peter Le Cheminant will be resigning as a director of Develica Deutschland (DDE) in April after five years on the board.

David Coltman has resigned as chairman of Indian property company Eredene Capital (ERE), having recently stepped down as chairman of Edinburgh Worldwide Investment Trust, although he remains a non-executive director of the latter. David Robertson has taken up the mantle at Eredene; he also serves on the board of Henderson TR Pacific, a position he has held since 2004, as well as two other listed companies.

Paul Yates has joined the board of Merchants Trust (MRCH). Yates started out at Samuel Montagu & Co in 1980 then moved to Phillips & Drew in 1985, which was later acquired by UBS. His last role at UBS was as CEO of the UK asset management business, a role he held for four years. This is his only non-executive directorship at this time.

There are some board changes to report at Vietnam Infrastructure (VNI). Don Lam has retired as chairman, but remains on the board as a non-executive director. His role has been taken over by Paul Cheng, who has been a non-executive director since the company’s formation in 2007.

Director Buying
Aberdeen Asian Income (AAIF) – Peter Arthur
Alliance Trust (ATST) – Robert Burgess, Katherine Garrett-Cox
Artemis Alpha (ATS) – Andrew Dalrymple
Baronsmead VCT 5 (BAV) – John Davies, Gillian Nott
BlackRock Smaller Companies (BRSC) – Robert Robertson
Blue Planet Financials Growth & Income (BPFU) – Glenn Cooper
Crystal Amber (CRS) – Richard Bernstein
European Assets (EAT) – Giles Warman
Fidelity Japanese Values (FJV) – David Robins
Henderson TR Pacific (HPI) – Alexandra Mackesy
Ishaan Real Estate (ISH) – Ian Henderson
JPMorgan Asian (JAI) – Alun Evans
Jupiter Dividend & Growth Comm (JDTC) – Keith Bray
Murray Income Trust (MUT) – Patrick Gifford
Murray International (MYI) – Alfred Shedden
New India (NII) – Sarah Bates
Raven Russia (RUS) – Colin Smith, Mark Sinclair, Glynn Hirsch, Anton Bilton
RIT Capital Partners (RCP) – Lord Rothschild
Shires Income (SHRS) – Andrew Robson
Standard Life Euro Private Equity (SEP) – Jonathan Taylor
Temple Bar (TMPL) – Arthur Copple, Richard Jewson, June de Moller
Unicorn AIM VCT (UAV) – Jeremy Hamer
Value & Income (VIN) – David Smith

Director Selling
Castle Asia Alternative (CASA) – Chris Russell (holding now zero)
Independent (IIT) – Maxwell Ward (fund manager)
Premier Energy & Water (PEW) – Michael Wigley

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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