A PRIVATE investment trust in Britain, which is currently the subject of a hostile takeover bid, has around £20 million invested in Greencore.
Kleinwort European Privatisation Investment Trust (Kepit) is a £500 million sterling trust which is currently trading at a discount to net asset value. It has never performed well since it was set up two years ago.
It invests in European privatisation opportunities and it is understood that Greencore is one of its few investments making a good return.
TR European Financial Growth, a trust managed by Henderson Touche Remnant, has made a £500 million hostile take over bid.
It is understood that at least six companies want to take over or restructure the management of the fund. Kepit's own management company Kleinwort Benson has revealed a plan to unitise the trust. Morgan Grenfell wants to manage it.
Kepit chairman, Mr Shane Ross, who is also a senator, said the Kepit had set August 19th as the deadline for all serious proposals to be tabled.
It is understood that up to a dozen separate proposals could be submitted by this date.
Earlier this week, directors were subjected to strong criticism from angry shareholders at an extraordinary meeting of the fund. Shareholders accused them of putting in a lacklustre performance.
