ScotGems board considering future – On 26 September, we told you that ScotGems’ manager had resigned – see story – last night, the board released the following statement:
“On 25 September 2019 the company announced that Tom Prew had assumed the role of lead manager with immediate effect, with Tom Allen continuing as co-manager.
Mr Allen has subsequently informed Stewart Investors, the company’s investment manager, of his intention to resign and is currently serving out his notice period. During this period Mr Allen will continue to support Mr Prew and the Stewart Investors team in Edinburgh in the management of the company’s portfolio.
Following these investment management team changes the board are considering a full range of options for the company’s portfolio. The board will update shareholders of the outcome of these discussions in due course.”
[The performance of this fund since launch hasn’t been great. As of the close of business on 2 October, the NAV was 92.2p – down from its 100p launch price in June 2017. Investors have become disillusioned, as is evident from the 15% discount that the shares trade at. The trust never achieved he scale envisaged for it at the outset and that means that its running costs as a percentage of net assets are fairly high. The board might go looking for a merger partner or a manager that investors would be enthused enough about to commit more money. A story to keep an eye on.]
SGEM : ScotGems board considering future