Rockwood board recommends wind-up reversal as manager speaks out

Change of investment strategy

The board of the £40.7m Rockwood Realisation trust is recommending the reversal of the trust’s wind-up process and has asked shareholders to vote as it announced a number of changes. Richard Staveley, the manager of the trust, who has remained silent during the past 12 months as the situation unfolded, spoke to Investment Week, about the process.

The call for vote follows an announcement last month that Gresham House, the former manager of the trust which was then named Gresham House Strategic, had sold its 23.7% stake to the current investment manager Harwood. Together the firm and Staveley hold 29.9% of the trusts' issued share capital. They have also spoken to a number of shareholders which are supportive of the reversal of the wind down. Speaking over Zoom to Investment Week on Wednesday (6 April) Staveley was smiling broadly, clearly relieved after a tumultuous number of months during which he resigned, joined a new firm,...