Lowland ups large cap bias

trust manager feels reaction to pigit/sts situation ignored views of shareholders in latter

The manager of Lowland Trust has hit out at the adviser community for the way it reacted to the reconstruction of the Securities Trust of Scotland (STS). The trust, managed by James Henderson, was one option offered to STS shareholders who chose not to take part in the hostile share buyout launched by the Perpetual Income and Growth Trust (Pigit). Although the Pigit offer has now lapsed, the Lowland option remains open. The Pigit offer earned only 19% of STS share capital, despite receiving support from a wide range of brokers and high-profile advisers such as Mark Dampier of Hargreaves ...