The Dame is seething with anger...and she wants Cllr Br'um Boy to do a little explaining......if he is meant to be a non exec of this decrepit Fund then he needs to earn his fees and sort out the mess: if he doesn't have the time then he should resign. He is having his cheesecake and eating it.
Staggeringly, the Fund has made a 82.4% loss during the last five years!
A special resolution has been passed to keep in place a ‘redemption postponement regime’ which prevents investors from redeeming their capital.
Investors were told of the plans in March this year, but have been warned it could remain for a maximum of four years. It leaves them with a possible exit date of 2016.....
To pay off the huge debts in the Glanmore fund, the directors had been looking to raise new capital though they will be unlikely to succeed.
The latest announcement on Glanmore may be unwelcome news for a number of ex-Tilney investment managers who invested their own and client money in the fund,
Investors stuck in the vehicle had hoped to liquidate their holdings this summer, when a 48-month suspension was due to come to an end.
Come on Daniel...do something!