It is quite clear investors have lost patience with Gartmore and PDFM
," says a spokesman from trade magazine Pensions Week, which monitors the industry.
These shares were acquired by Nomura International plc from PDFM
on 1 July 1998.
Sources said PDFM
would cast its vote in favour of Bank of Scotland taking over NatWest, despite the fact that it offers less cash than the bid of its northern rival.
Fund manager PDFM
seems to be attempting to extricate itself from years of underperformance by seeking bids for its investments.
Albright's biggest shareholder, the increasingly pro-active PDFM
, threatened to back Rhodia unless an offer of at least 160p per share emerged.
refused to comment on the outcome of the meeting.
3 per cent above Sears' market value on Wednesday and the group's biggest shareholder, fund manager PDFM
, has already und ertaken to accept the offer.
But Mr Green has already secured the support of 22-per-cent shareholder PDFM
for his bid.
However, with City institutions Schroders and PDFM
, who hold a total of 37 per cent of the shares, reportedly ready to back the deal, that would appear to be a mere formality.
But a PDFM
source stressed that Mirror did not have to do a deal.
BTR's two biggest institutional shareholders, PDFM
and Franklin Resources, who account for over 20 per cent of BTR's equity, declined to comment on their position.
Shareholders would then have to agree at an extraordinary general meeting three weeks later, with City institutions Schroders and PDFM
, who hold a total of 37 per cent of the shares, reportedly ready to back the deal.