Myerson ousted at own fund
ACTIVIST investor Brian Myerson yesterday lost his second corporate tussle of the year as shareholders voted to oust him as manager of South African Property Opportunities (SAPO), the fund he set up in 2006.
Myerson’s contract with SAPO includes a 12 month notice period, meaning his management agreement will terminate on 20 October 2010.
But it is understood Myerson is likely to try and wrest control of SAPO back from the current board via aggressive stake-building tactics, having built up his shareholding from around 16 per cent to over 22 per cent in the past week alone.
If Myerson regains control at SAPO, it would be a rerun of the situation earlier this year at Principle Capital Investment Trust (PCIT), when he was ousted and reinstated at the fund within a matter of weeks.
At SAPO’s extraordinary meeting yesterday, shareholders also passed a resolution to dispose of a portion of the fund’s property portfolio in order to return capital to investors.
Myerson stepped down from the SAPO board earlier this year as it commenced a strategic review, after raising £30m at its float on Aim in 2006.
Myerson has also been in court this year as he attempts to reduce his ex-wife Ingrid’s divorce settlement due to the impact of the crunch on his finances. However, he has admitted in a newspaper interview having led a double life for years with a long-term mistress and their child.