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The founder and chief executive of the India Equities Fund, John Pereira, has departed the company as part of the arrangements flowing from a shareholder vote to dispose of the company and return capital to shareholders.
The company said that following the vote, it had issued instructions for the sale of all of the listed equity securities held in India and would transfer the proceeds back to Australia to be held on deposit until required to fund the return of capital. It said that a meeting of the board following the shareholder vote had agreed that as part of the winding down of operations, Pereira would leave the company immediately “by mutual agreement”, along with fund analyst Nick Stitt, with other positions becoming redundant as and when they were no longer necessary.
The company’s chairman, Don Christie, thanked Pereira for “his vision and his hard work in establishing and managing the company and then for recognising that the best interests of shareholders lay in promoting a substantial return of capital that would necessarily result in the winding down the of company’s operations”.
Christie replaces Pereira and will perform the duties of interim chief executive.
