Pay row: Allied Minds saw 47% of shareholders vote against chairman Harry Rein (pictured)
Former Woodford stock Allied Minds has suffered a major investor revolt amid a row over its chairman’s pay.
The firm, which invests in start-up ideas to help them succeed, saw 47 per cent of shareholders vote against chairman Harry Rein. The US businessman was paid £107,000 in his non-executive role last year – almost as much as some FTSE 100 chairs. Allied Minds is worth just £58million.
Bruce Failing, a director brought in by Rein who is said to frequently play golf with the chairman, was also slapped with a 37 per cent vote against his reappointment. Savers who put their money in the Woodford Equity Income fund, which is now being wound up, still own around 2 per cent of Allied Minds.
Shares have slumped 74 per cent over the last three years. Invesco funds, formerly managed by Neil Woodford’s protege Mark Barnett before he was fired last year, also own a 21 per cent stake.
Activist investor Crystal Amber, which owns 18 per cent, has forced Allied Minds to wind down its business, saying it had an ‘absurd’ cost base.
Allied is now managing its remaining assets, selling them, and returning money to investors.
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