1 Apr 2019 15:55
Value and Income Trust PLC ("the Company" or "VIT")
Directorate Change
The Company announces the retirement of Angela Lascelles and Matthew Oakeshott as Directors with effect from 1 April 2019. Angela and Matthew have managed VIT's portfolio since August 1986 when, as the founder directors of OLIM Limited, they led the reorganisation of the trust, raising its total assets from £7 million to around £200 million.
Angela Lascelles is the Managing Director of OLIM Limited, the Investment Manager responsible for the management of the Company's equity portfolio. She was appointed as a Director on 6 March 2008.
Matthew Oakeshott is Chairman of OLIM Property Limited, the Investment Manager responsible for the management of the Company's property portfolio. He was appointed as a Director on 1 April 2007.
Following discussions with the Board on succession planning within their respective organisations, Angela and Matthew took the decision to retire from the Board and also as the lead portfolio managers responsible for the Investment Management of the Company's equity and property portfolios respectively.
OLIM Limited has appointed Mr Patrick Harrington as the lead portfolio manager responsible for the management of the Company's equity portfolio. OLIM Property Limited has appointed Ms Louise Cleary as the lead portfolio manager responsible for the management of the Company's property portfolio. Both appointments are supported and welcomed by the Board and the Directors all look forward to continuing to work with Patrick and Louise in the future.
Patrick Harrington joined the OLIM Limited team in 2018 as a director and investment manager from stockbroker Baden Hill where he was Managing Partner. Patrick is a highly experienced fund manager with over 25 years' experience in the industry, Patrick held previous roles at Jupiter Asset Management, Henderson Global Investors and M&G. Patrick previously worked with OLIM Limited from 2005-2009 and is responsible for managing both equity and balanced portfolios.
Louise Cleary joined OLIM Limited in 2009. Louise qualified as a Member of the Royal Institution of Chartered Surveyors in 1996 and has over 23 years of experience in commercial real estate. Prior to joining OLIM in 2009, Louise was an Associate Director and Investment Manager at Hermes Real Estate Investment Management Ltd working on the BT Pension Scheme, Royal Mail Pension Plan and Hermes Property Unit Trust. Louise is highly experienced in all aspects of commercial real estate with previous roles at Land Securities plc and Asda Property Holdings plc.
The Board would like to thank Angela and Matthew for their invaluable contributions to the success of the Company and wish them well for the future.
Maven Capital Partners UK LLP
Company Secretary
1 April 2019