Rockwood Strategic says corporate dispute led to 'significant costs'

£1.1m for corporate actions

The chair of the £40.3m Rockwood Strategic has outlined the “significant costs” associated with the ongoing corporate dispute endured by the shareholders of the investment company over the last 12 months.

In the annual report for the company, the chair Noel Lamb said that professional fees reached £0.67m and legal fees totalled £0.37m. He added the termination of the former investment manager, Gresham House, "led to an acceleration of performance fees, which meant manager fees reached £3.36m". The chair said the costs associated with the corporate actions for last year was 2.1% of starting NAV, or £1.1m. The corporate dispute initially arose after shareholders accounting for almost half of the trust - of which the parent of its former investment manager Gresham House plc accounted for ...