October 1, 2018 / 12:00 PM / 6 months ago

UPDATE 2-Boss of UK's Athelney Trust resigns after management clash

(Adds Boyle comment)

Oct 1 (Reuters) - Athelney Trust announced the sudden resignation of managing director Robin Boyle with immediate effect on Monday after non-executive directors overruled his request for major management changes.

Chairman Emmanuel Pohl will take over as managing director and fund manager while Simon Moore will take over as chairman, the investment company said.

Athelney did not respond to requests for further comment.

“This is my 741st Tweet and my last, since I have resigned as managing director of Athelney Trust after 24 years in charge. My plans for the smooth running of ATY were overturned by the two non-executive directors. Not right. Good-bye,” Boyle wrote on Twitter.

He subsequently told Reuters that his resignation, offered on Sept. 26, did not mark the end of the disagreement, which centred on proposals to put the management of Athelney Trust’s back office out to tender.

“I think the game is only just starting,” Boyle said, adding that he would not be surprised if the board came under pressure from some shareholders, which include his private clients.

Boyle will remain a significant shareholder in the company, Athelney said.

The trust was founded in 1994 and became one of the first 10 companies to list on London’s junior market before moving to the main market in 2008.

Athelney Trust, which invests in sectors including chemicals, construction, electronic, food and beverages, oil and property, reported a fall in first-half net asset value per share to 264.2 pence from 284.8 pence at the end of 2017.

The firm allocates assets with a focus on companies with a market value of less than 300 million pounds ($391 million). ($1 = 0.7653 pounds) (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru and Emma Rumney in London Editing by Jason Neely and David Goodman)

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