Appointment of a new Chairman

RNS Number : 2894Z

India Capital Growth Fund Limited

18 September 2009

 

INDIA CAPITAL GROWTH FUND LIMITED

APPOINTMENT OF CHAIRMAN

The Board of India Capital Growth Fund Limited ('ICGF') is pleased to announce the appointment of Fred Carr as a non executive Director and Chairman of the Board with immediate effect.

Fred Carr (64) has had a distinguished career in stockbroking and investment management ultimately as Chief Executive of Carr Sheppards Crosthwaite from 1993 until 2004.

He has extensive experience of investment trusts and closed-ended investment companies in the positions of director and chairman. He is currently the Chairman of M&G High Income Investment Trust plc, a Director of SVM UK Active Fund plc, Investec Capital Accumulator Trust Limited and a number of private companies. He is also a consultant to Investec Bank (UK) Limited. He has previously served on the boards of The City of Oxford Geared Income Trust plc, The City of Oxford Investment Trust plc (Chairman) and The Smaller Companies Investment Trust plc (Chairman).  Mr Carr currently holds 50,000 ordinary shares in ICGF.

Commenting on the appointment, Robin Nicholson, who has been acting Chairman of ICGF since the tragic death of Micky Ingall earlier in the year, said 

'We are delighted that Fred Carr has accepted our invitation to join the Board as Chairman. His experience of investment management and, in particular, of closed-end investment companies, will be of great value to the Board.' 

Fred Carr commented, 

'I am very pleased to be joining the Board of ICGF. I believe the fundamentals for investment in India are extremely compelling. I am a strong supporter of the closed ended fund structure, that gives us the ability to take long term investment decisions, very much in the style of ICGF's largest shareholder Caledonia, whose philosophy and expertise I have admired for many years.'

18 September 2009

Enquiries

College Hill	[phone]
Tony Friend
Roddy Watt
Northern Trust International Fund Administration Services (Guernsey) Limited - Company Secretary
Andrew Maiden    - [e-mail]	[phone]
Nominated Adviser and broker - Arbuthnot Securities Limited
Alastair Moreton	[phone]
Hannah Pearce

The India Capital Growth Fund is a Guernsey registered, AIM listed closed ended investment company, managed by India Investment Partners Limited, that invests in small and mid cap listed companies and unlisted companies in India. As at 31 August, 2009 it had net assets of £40.4 million. Further information can be found on the website at www.indiacapitalgrowth.com. 

Appendix

The following information is disclosed in accordance with Schedule Two, paragraph (g)(i) and (ii) of the AIM Rules:

(i) Francis Christopher Carr

(ii) Directorships/Partnerships

Current directorships	Past directorships (last 5 years)
Fredneedle Ltd	AMPM Media Limited
Investec Capital Accumulator Trust Ltd	Association of Private Client Investment Managers and Stockbrokers
M&G High Income Investment Trust plc	Carr Sheppards Financial Services Ltd
Minories Holdings Ltd	Cogit Securities Limited
SVM UK Active Fund plc	Fenn Nominees Limited
The National Gardens Scheme	Henderson Crosthwaite Trustees Limited
	Individual Savings Account Administration Limited
	Investment Administration Limited
	Investment Services Administration Limited
	ISA Administration Limited
	PEP Services Limited
	Sheppards Limited
	Sheppards Nominees Limited
	The City of Oxford Geared Income Trust plc

There is no information to be disclosed regarding Mr Carr's appointment in relation to Schedule Two, paragraph (g) (iii) to (viii) of the AIM Rules.

 

END

 

 

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