Welsh shareholders seek return of capital

The change of policy follows a request from shareholders - Gresham House, trustees of the Rowe Trust and Gerald Oury and Associates -which hold more than 62% of the company's shares.

Chairman A.P. Stirling said: "You may imagine how disappointed I feel because during my stewardship as investment manager of the company the net assets of the company have increased substantially.

"In 1973 when I was first appointed the net assets were approximately 61,000.

"The net assets have subsequently increased to over 4.5m, as announced on 5th October, 2009.

"This represents a gain of about 39 times the original value of the portfolio over 34 years, which is an average of approximately 115% per annum over a third of a century.

"The short term view taken by those shareholders who have made their request since the results were announced, and during what has been recently a very turbulent market, is in my view wrong and I believe a long term view in line with the company's historic and successful investment policy would be much more appropriate."