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Founder wants back in at Athelney investment trust

Veteran investor Robin Boyle, the founder and former managing director of small cap focused Athelney Trust (ATY), wants back in at the trust he founded in 1994.
Boyle has called a shareholder meeting (22 Jan) to restructure the board and restore him to his former roles as managing director and investment director of Athelney.
In response, Athelney is consulting shareholders over a possible tender offer for those who want an exit, alongside the issuing of new shares for potential new investors.
CLOSE-RUN THING
‘It’ll be a damn close-run thing, but I think I’m just the favourite,’ Boyle informs Shares.
The dispute between the City mainstay and the current board arose over his continuing role in the company after Boyle stepped aside from his executive roles.
Boyle understood he was to stay on as a non-executive director for a period of time. He insists the original draft of the official announcement to the London Stock Exchange (LSE) declared he was staying on as a non-executive director, yet the line was removed from the version eventually published.
SOLVING THE SUCCESSION ISSUE
A substantial shareholder, Boyle proposes to work with Gresham House (GHE:AIM), the asset manager with an excellent network in the UK small cap investment space, to grow the trust’s size, reduce costs and provide long term succession planning.
The 74-year-old explains he’ll be teaching Gresham House investment manager Laurence Hulse ‘everything I know about small cap value and income’, which means ‘the management succession problem is solved at a stroke’.
‘My daughter and I have 20.8% (of the shares),’ continues Boyle, stressing his EGM vote will be counted.
In the official shareholder meeting release, he also complains: ‘I do not see how Athelney’s investment strategy can be carried out by someone who spends the majority of his time some 10,000 miles away in a different time zone as is the case currently.’
This reference is to Athelney Trust’s managing director, fund manager and significant shareholder Manny Pohl.
As for the Athelney Trust board, it comments: ‘On succession planning, in September 2018 it had been amicably agreed between the then directors (Robin Boyle, Manny Pohl and Simon Moore) that there would be a smooth handover from Robin Boyle as fund manager and managing director of Athelney Trust to Manny Pohl over a period of two to three years.
‘So the sudden resignation of Mr Boyle was extremely surprising. It is regrettable that a distinguished track record, with 15 years of uninterrupted annual dividend increases, has come to this.
‘The board have been working to ensure business as usual for shareholders. Shareholders should feel confident in the ability of the current board and that the new fund manager will be able to deliver on Athelney Trust’s objectives of long term growth in both capital and dividends from a portfolio of UK smaller companies.
‘The board wants to grow the company so shareholders can benefit from greater economies of scale. Dr Pohl has also agreed to a reduction in the annual management fee from 1% to 0.75%.’
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