Sherborne warns F&C 'harming investor interests'

F&C's purchases of Thames River and REIT could prove harmful to shareholders' interests, according to Sherborne Investors, which is seeking to oust the group's chairman Nick MacAndrew.

However, MacAndrew has warned investors Sherborne's nominees for the board do not have the experience to run an FSA-regulated asset management business. The activist investor, which has built up a 17.5% stake in F&C since the summer of last year, has written to F&C's shareholders today urging them to vote in favour of a number of proposals in a general meeting on 3 February. The letter asserts the reasons for F&C's low valuation include a lack of ability to grow organically as well as cuts in dividends and concerns about the non-renewal of insurance-related asset management contracts....