Aberdeen's 'forgotten' investors
ABERDEEN Asset Management, one of the companies at the centre of the split capital investment trust debacle, has made a grovelling apology to shareholders in its high income trust for failing to tell them about an extraordinary general meeting.
The meeting, attended by around 30 small investors, was held in London on 21 May. But hapless Pep and Isa investors were not told until the following day.
The trust was forced to call the meeting under section 142 of the Companies Act because its assets had plunged so sharply.
Spokesman Piers Currie said: 'People did not lose any voting rights, but it is an embarrassing administrative mistake. We are very sorry. We are taking steps, so it does not happen again.'
The mishap illustrates a wider problem. Thousands of small investors in UK companies miss out on being invited to meetings because they hold their shares through a nominee and their name is not on the share register.
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