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Promethean wind-up inevitable, says founder Burt

SIR Peter Burt has said it was "unfortunate but probably inevitable" that Promethean, the investment fund he launched in 2005 with his son Michael Burt, is being wound up.

The AIM-listed group will seek approval at its annual meeting on December 31 for its listing to be cancelled at any time during the first quarter of 2013.

The shares, at 132p five years ago, rallied 2p to 17p. Sir Peter said the year to June 30 was "difficult and very frustrating", with the eurozone crisis, the UK credit squeeze and bank deleveraging making realisation of the fund's assets "much slower than we had hoped".

But after progress since June "the potential is in sight for an exit", Sir Peter said. Shareholders' decision to abandon the original mandate in early 2009 and vote for a wind-up had "resulted in a reduction in the eventual proceeds realised because the fund was seen as a forced seller although I believe the manager has done a good job in difficult circumstances", Sir Peter added in his chairman's statement.

Up to June 30, some 94p a share had been returned to shareholders, with further realisations to come from the last four investments.

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