Companies: EIN   

Unicorn Asset Management boss Peter Webb has produced his own proposals for the beleaguered Eaglet Investment Trust.

Webb, who ran the £93 million smaller companies trust with notable success from 1993 until his recent resignation and remains a 'significant' shareholder, has submitted a plan to the Eaglet board to enable some investors to sell out while allowing others to be invested in a fund focused on UK smaller companies and managed by him. He has taken this step following moves by the private Knox D'Arcy group and offshore arbitrage funds QVT, Quintessence and Laxey Partners to have three new directors appointed at the trust's annual meeting next month.

These four groups, which are thought to favour a realisation of Eaglet's underlying assets after a recent share price fall from 455p to 349.75p, are described by Webb as 'seeking back door control'. He says the 'aggressors' have made no public statement of what they would do if they won board control of Eaglet and argues Unicorn's 'realisation strategy' is designed to avoid an 'inevitable destruction of shareholder value through a liquidation of the portfolio'.

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Eaglet Investment Trust	LSE	£39.6m	179.00p	-1.25p
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A stable of winners			21/02/2008
Unicorn looks west			08/02/2008
Webb fights back over Eaglet			08/11/2007