Paedophile Information Exchange HQ

Between 1978 and 1984, the Home Office was located at 50 Queen Anne’s Gate, next to St James’s Park in central London. During this period, it was also the unofficial headquarters of the Paedophile Information Exchange (PIE), an organisation that campaigned for the age of consent to be lowered to 4 years old. PIE’s chairman, Steven Adrian, worked at the Home Office (officially as a security contractor), but used his office to contact PIE members and organise meetings using a Home Office telephone extension, and print PIE magazines. PIE’s Secretary and Treasurer, Barry Cutler, was also employed at the Home Office at this time. The Home Office’s Voluntary Services Unit (headed by a PIE-supporting senior civil servant called Clifford Hindley) provided £70,000 worth of funding for PIE between 1977-1980.

50 Queen Anne’s Gate is approximately 100 metres from New Scotland Yard, the headquarters of the Metropolitan Police, who were supposedly investigating the Paedophile Information Exchange during this period.

HomeOffice_QueenAnnesGate

paedophile-information-exchange

50 Queen Anne’s Gate is now called 102 Petty France and is home to the Ministry of Justice.

 

Further Reading:

Child-Sex Boss in Whitehall Shock

Home Office ‘gave Paedophile Information Exchange £70,000’

After 30 years without an answer it’s time to find out who funded the Paedophile Information Exchange

PIE and the Home Office: 3+ members/supporters on the inside

Child sex ring’s ‘Home Office link’

Peter McKelvie’s Second Open Letter to David Cameron

Did the British Government fund pro-paedophile propaganda?

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4 comments
  1. Reblogged this on Thinking Out Loud and commented:
    Incredible, really that’s all that can be said, and unbelievable…..

  2. Troyhand said:

    Anthony Edgar Gartside Wright AKA Antony Grey
    http://brynalynvictims.blogspot.com/2014/06/anthony-edgar-gartside-wright-paedo.html

    [Antony Grey had a director for his copyright company named ***B. L. Shibko.***]

    http://books.google.com/books?id=OvIdAQAAMAAJ&q=%22Shcrwen+Engineering+Co.+Ltd%22&dq=%22Shcrwen+Engineering+Co.+Ltd%22&hl=en&sa=X&ei=xeesU4N09KqxBIm2gbgL&ved=0CCAQ6AEwAA
    Director, Volume 32
    Director Publications Limited for the Institute of Directors, 1979

    [Page 103]
    Sherwen, R. G.,
    Sherwen Engineering Co. Ltd.
    Sherwen, T. W.,
    Sherwen Engineering Co. Ltd.

    ***Shibko, B. L.,***
    Anthony Grey Productions Ltd.

    Smith, Alan. HPM.
    Formica Ltd.
    ***

    https://www.bookshare.org/browse/book/6760?returnPath=L2Jyb3dzZS9hdXRob3I%2FbW9kdWxlTmFtZT1wdWJsaWMma2V5PUFudGhvbnkgR3JleQ%3D%3D
    The Chinese Assassin
    Anthony Grey

    Publisher: Pan

    Copyright Date: 1978
    Copyrighted By: ***Anthony Grey Productions Ltd.***
    ***

    [B. L. Shibko was also a judge on the Immigration Tribunal for the Home Office in the 70s/80s.]

    http://www.refworld.org/docid/3ae6b61520.html
    Nisa v. Secretary of State for the Home Department

    Publisher United Kingdom: Asylum and Immigration Tribunal / Immigration Appellate Authority
    Author ***Immigration Appeal Tribunal***
    Publication Date 19 April 1979

    Counsel:

    PANEL: D. L. Neve Esq (President), E. A. Lewis Esq, ***B. L. Shibko Esq***
    ****

    http://www.refworld.org/docid/3ae6b63bf.html
    Pereira (J.) and Another v. Entry Clearance Officer, Bridgetown
    Author High Court (Queen’s Bench Division)
    Publication Date 23 October 1979

    Counsel:

    PANEL: A. Hooton Esq (Vice-President), Miss M. E. Hardic, ***B. L. Shibko Esq***
    ***

    http://www.refworld.org/docid/3ae6b66410.html
    Author High Court (Queen’s Bench Division)
    Publication Date 12 March 1986
    ***

    No luck yet finding B. L. Shibko’s full name.

  3. Troyhand said:

    [How PIE paedophile Peter Hayman brought down former Lord Mayor of London Sir Denys Lowson]
    ——————————————————————————————————————————-

    http://books.google.com/books?id=8wPjJUPkaKgC&q=%22PETER,+Brit.+diplomat,+%D1%81%D0%BE.+dir.,+b.+Deal,+Eng.,+June+14,+1914;+s.+Charles%22&dq=%22PETER,+Brit.+diplomat,+%D1%81%D0%BE.+dir.,+b.+Deal,+Eng.,+June+14,+1914;+s.+Charles%22&hl=en&sa=X&ei=mC2tU-Qd0eGwBM_OgNAC&ved=0CB4Q6AEwAA

    http://books.google.com/books?id=8wPjJUPkaKgC&q=N.Y.C.+%22minister,+Berlin,+1964-66;+asst.+under-sec.+state+Fgn.+Office%22&dq=N.Y.C.+%22minister,+Berlin,+1964-66;+asst.+under-sec.+state+Fgn.+Office%22&hl=en&sa=X&ei=0ButU7vyO8visATz5IK4CA&ved=0CBwQ6AEwAA
    Who’s who in the world, 1978-1979
    Marquis Who’s Who, 1978

    [Page 414]

    HAYMAN, PETER, Brit. diplomat, со. dir., b. Deal, Eng., June 14, 1914; s. Charles Henry Telford and Hilda (Wake-Browne) H.; B.A., Worcester Coll., Oxford, (Eng.) U., 1936; m. Rosemary Eardley Blomefield, June 6, 1942; children — Virginia Rosemary, Christopher Wilmot Arden. Asst. prin. Home Office, also Ministry of Home Security, 1937-41; pvt. sect, to home sec, 1941-42; asst. sec. Ministry of Def., 1949-52; mem. U.K. delegation to NATO, 1952-54; counsellor Brit, embassy, Belgrade, Yugoslavia, 1955-58, Baghdad, 1959-61; dir. gen. Brit. Information Sers., N.Y.C., 1961-64; minister, Berlin, 1964-66; asst. under-sec. state Fgn. Office, 1966-69; dep. under-sec. state Fgn. and Commonwealth Office, 1969-70; high commr. in Can., Ottawa, Ont., 1970-74; ****chmn. Estates House Investment Trust, 1975-77****; gov. Internat. Student Trust, 1974 — ; dir. Delta Overseas. 1974 —; Mathew Hall Internat., 1977 — ; cons. ****Seatrade Publs., 1974—**** Served with Brit. Army, 1942-45; Italy, Balkans. Decorated knight comdr. Order St. Michael and St. George; mem. Order Brit. Empire; comdr. Royal Victorian Order; created knight. Clubs: Travellers, Army and Navy, Marylebone Cricket (London); ****Pilgrims [Society] (N.Y.C.)****. Home: Uxmore House Checkendon Oxfordshire England
    ********************************************************

    http://books.google.com/books?id=xb0gAQAAMAAJ&q=%22Estates+House+Investment+Trust%22&dq=%22Estates+House+Investment+Trust%22&hl=en&sa=X&ei=CsGrU_X8N7OqsQS__YD4Dw&ved=0CDwQ6AEwBA
    Investors Chronicle and Stock Exchange Gazette, Volume 33
    1975

    [Page 11]
    Lowson trusts come out on top
    by Nigel Bolitho

    THE prize for the best share performance during the first six months of 1975 must go to that reticent financier and former Lord Mayor of London, ****Sir Denys Colquhoun Flowerdew Lowson****. His abrupt retirement from the business scene last year brought on the consolidation and reorganisation of his many interlocking interest and provided rich pickings for investors willing to wade through the complicated reconstruction proposals and value each Lowson trust. Figures supplied by dataSTREAM International covering UK registered, sterling denominated shares show that ****three Lowson trusts****, Charterland & General, Investment and Property Trust and Fanti Consolidated were amongst the 25 shares to register the greatest gains in the half year.

    The reason why these particular shares moved so much was that ****consolidation of the trusts (13 in all) into one vehicle****, to be known as ****Estates House Investment Trust****, unwound cross-holdings in various investment trusts and indicated for the the first time the true asset value of each trust. The reconstruction also means that the three trusts mentioned above will now receive investment trust status and be more easy to deal in. The merger scheme is expected to become effective on July 21. But you did not have to be a fan of Sir Denys Lowson’s cross-holdings to have done well this year. Between January 1 and the end of June the Financial Times 30 share Ordinary index jumped a mighty 80.8 per cent to 291-8, and twice during the half year (in April and early June) it topped 350…
    ************************************************************

    http://books.google.com/books?id=xb0gAQAAMAAJ&q=%22THE+prize+for+the+best+share+performance+during+the+first+six+months+of+1975+must+go%22&dq=%22THE+prize+for+the+best+share+performance+during+the+first+six+months+of+1975+must+go%22&hl=en&sa=X&ei=7cWrU_yuH9PhsATkyIGwCg&ved=0CBwQ6AEwAA

    http://books.google.com/books?id=xb0gAQAAMAAJ&q=%22+example+with+Artagen,+Law+Land,+Great+Portland+Estates,+or+Haslemere,+there%22&dq=%22+example+with+Artagen,+Law+Land,+Great+Portland+Estates,+or+Haslemere,+there%22&hl=en&sa=X&ei=ncOrU7T4IZXKsQSlzYLYBw&ved=0CBwQ6AEwAA

    http://books.google.com/books?id=xb0gAQAAMAAJ&q=%22and+Fanti+Consolidated+were+amongst+the+25+shares+to%22&dq=%22and+Fanti+Consolidated+were+amongst+the+25+shares+to%22&hl=en&sa=X&ei=ZcSrU6ziHKfKsQSN8YE4&ved=0CBwQ6AEwAA

    http://books.google.com/books?id=xb0gAQAAMAAJ&q=%22The+reason+why+these+particular+shares+moved+so+much+was+that+consolidation+of+the+trusts%22&dq=%22The+reason+why+these+particular+shares+moved+so+much+was+that+consolidation+of+the+trusts%22&hl=en&sa=X&ei=WMOrU8TeELPNsQTbuoGQCA&ved=0CB4Q6AEwAA
    ***********************************************************

    http://books.google.com/books?id=SLEgAQAAMAAJ&q=%22out+of+the+purchase+and+resale+of+the+National+Group+of+Unit%22&dq=%22out+of+the+purchase+and+resale+of+the+National+Group+of+Unit%22&hl=en&sa=X&ei=_tirU_OiA_OqsQTlsoDoBw&ved=0CBwQ6AEwAA
    The Banker, Volume 125
    Financial News Limited 1975
    End of the road for Sir Denys

    The chequered career of Sir Denys Lowson — City financier, millionaire (he made a cool £5 millions out of the purchase and resale of the National Group of Unit Trusts, although it was this deal that ultimately caused his downfall and the profits are due to be repaid), and subject of severe censure in a report [Page 760] published last year by Department of Trade inspectors investigating his financial dealings – appears to be drawing to its final close.

    A scheme of reconstruction drawn up by merchant bankers Hill Samuel, at the request of nine quoted and six unquoted investment trusts and four dealing companies previously controlled by Sir Denys and his family, effectively freezes him out of his former empire. A 96-page report detailing the complex cross-holdings in the Lowson financial network and outlining the new scheme — the merger of the 19 companies into one new investment trust to be called Estates House Investment Trust — bears witness to the intricate and time-consuming task that has faced Hill Samuel in unravelling the tangle.

    The scheme of reconstruction does not extend to Sterling and Dollar Areas Trust (SADA) which, being 41 per cent owned by Iowa Land, the principal Lowson family company, was the main instrument through which Sir Denys exercised control over his financial empire.

    Exclusion of SADA is a deliberate ploy by Hill Samuel and the new board of Estates House Investment Trust designed to prevent Sir Denys acquiring the 11 per cent direct holding in the new trust that he would otherwise have had. As it is, Sir Denys will hold only a 0.3 per cent direct holding in the new company and an 8 per cent indirect holding. The cooperation of the Lowson family is not necessary for achieving acceptance of the reconstruction scheme. If the scheme is implemented, neither Sir Denys nor any member of his family will have any position in the new trust and will receive no benefit from it other than as shareholders. The new directors also declare that ‘it is our intention to achieve a similar position with regard to companies controlled by the new trust’.

    The directors of the new trust reconstructed out of the shambles of the Lowson empire will be ****Sir Peter Hayman, former British High Commissioner in Canada****; David Maitland, managing director of unit trust group Save & Prosper; Henry Moore, a director of Hill Samuel; Larry Tindale, deputy chairman of Finance for Industry; and ****William Harrison- Cripps****, a former director of 12 of the companies involved in the reconstruction.

    Sir Denys Lowson, the outgoing chairman and ****Sir Peter Hayman****. the new chairman

    http://books.google.com/books?id=SLEgAQAAMAAJ&q=%22per+cent+direct+holding+in+the+new+trust+that+he+would+otherwise+have+had.+As+it+is%22&dq=%22per+cent+direct+holding+in+the+new+trust+that+he+would+otherwise+have+had.+As+it+is%22&hl=en&sa=X&ei=KtCrU-rGLejNsQTpxYCoAw&ved=0CCAQ6AEwAA

    http://books.google.com/books?id=SLEgAQAAMAAJ&q=%22controlled+by+Sir+Denys+and+his+family,+effectively+freezes+him+out%22&dq=%22controlled+by+Sir+Denys+and+his+family,+effectively+freezes+him+out%22&hl=en&sa=X&ei=3NCrU7fNKOfisATJk4DwCQ&ved=0CBwQ6AEwAA

    http://books.google.com/books?id=SLEgAQAAMAAJ&q=%22The+new+directors+also+declare+that+'it+is+our+intention+to+achieve%22&dq=%22The+new+directors+also+declare+that+'it+is+our+intention+to+achieve%22&hl=en&sa=X&ei=itGrU-SzObPNsQTbuoGQCA&ved=0CB4Q6AEwAA

    http://books.google.com/books?id=SLEgAQAAMAAJ&q=%22director+of+unit+trust+group+Save+%26+Prosper;+Henry+Moore%22&dq=%22director+of+unit+trust+group+Save+%26+Prosper;+Henry+Moore%22&hl=en&sa=X&ei=0dGrU8KPNPSisQSg2oGoCQ&ved=0CCwQ6AEwAA
    ***************************************************

    http://news.google.com/newspapers?nid=2507&dat=19750503&id=aItAAAAAIBAJ&sjid=76QMAAAAIBAJ&pg=2705,642928
    Glasgow Herald – 3 May 1975
    Hill Samuel plan to unravel Lowson entanglement
    By Our City Editor

    Merchant bankers Hill Samuel have produced a scheme to unravel and put on a firm footing the tangled skein of companies run by Sir Denys Lowson, a former Lord Mayor of London.

    Basically, the scheme involves the merger of 15 investment companies (nine quoted and six unquoted) to form a new investment trust to be called Estates House Investment Trust and a wholly owned dealing subsidiary Estates House Securities.

    All these companies are to differing degrees controlled by Sir Denys Lowson via his 41% holding in Sterling Dollar Areas Investment Trust (SADA). However, because of the big Lowson interest in SADA, this company, for the time being, is being left out of the scheme of arrangement.

    The intention is that the scheme of arrangement will involve all the Lowson companies (except SADA) being dissolved and their shareholders being offered share and loan capital in the new trust in return for existing holdings in the existing companies.

    Complicated exercise
    Because of all the cross holdings involved this is a very complicated exercise and the explanation spans 96 pages of closely typed foolscap.

    But there can be no little doubt that it is a desirable solution to the Lowson problem that has caused so much concern both in City and in Government circles.

    Assuming that the scheme of arrangement, as it stands, goes through, SADA will end up with 18.8% of the capital of the new trust and Sir Denys Lowson will end up indirectly with control over 7.5% of the new trust equity. And on top of this Sir Denys, through his holdings in the individual companies subject to the merger will end up with 0.3% of the entire equity.

    However, the new trust will also be involved in suing Sir Denys in respect of his share dealings in the National group of unit trusts. On a conservative basis the new trust are claiming £2.2m – equal to 75% of the actual amounts claimed. However, litigation is costly and the new trust would settle for a deal involving Sir Denys exchanging his holdings in SADA for a modest amount of cash, plus settlement of the legal claim.

    Considerable benefit
    If the deal goes through there seems little doubt that ****existing shareholders in the Lowson group of companies will benefit considerably**** simply because their holdings will be much more marketable.

    Taking stock market prices as of March 8 it is estimated that the net assets of the new group would be worth £52m or 260.0p a share, ignoring contingent tax liabilities. And of the full claim against Sir Denys is successful this will be worth another 7p a share.

    However, this is no ready guide to the likely opening price of shares in the new trust, assuming the deal goes through.

    It is quite impossible to say what the discount on assets would be. Everything would depend upon how many shareholders in the existing Lowson companies may regard the reorganisation as a good excuse to unload their holdings.

    *****The proposed board for the new company, which is to be chaired by former High Commissioner for Canada, Sir Peter Hayman*****, and includes Mr. D. Maitland, managing director of Save and Prosper, have rejected earlier plans for turning the Lowson empire into a unit trust.

    They now think that an investment trust is the best solution and also that the best result will be a merger, ultimately with SADA.

    As things stand it is doubtful if Sir Denys could block the proposed scheme. But the SADA board could. However, Hill Samuel believe that it is unlikely they will.

    Certainly outside shareholders should back the scheme.
    *******************************

    http://news.google.com/newspapers?nid=1300&dat=19750911&id=OOBUAAAAIBAJ&sjid=P5IDAAAAIBAJ&pg=5749,2497574
    The Age – 12 September 1975
    Sir Denys Lowson dies amid scandal
    From John Tidey

    Sir Denys Lowson . . . died a broken man

    LONDON, September 11. – Sir Denys Lowson – the former Lord Mayor of London who was at the centre of an extraordinary share scandal last year – died yesterday, a broken man.

    He was 69.

    A major investigation into his affairs by Department of Trade inspectors and Fraud Squad detectives is still in progress.

    Sir Denys, educated at Winchester and Oxford, was one of the richest men in Britain.

    In the post-war years he built up a tangled web of trading and industrial companies – controlled at the finish by more than a dozen complex trusts.

    Inspectors appointed under the Companies Act began probing his affairs after Sir Denys admitted making £Stg5 million ($A8 million) profit in secret share deals with companies he controlled.

    The public shareholders suffered as a result.

    An interim report from the Department of Trade accused him of “grave mismanagement.”

    City dinosaur
    Sir Denys promised to repay the £5 million profit he made in the exposed deal and then resigned as chairman of 16 companies including Australian Estates.

    He was an arrogant man, autocratic and unloved by the city establishment, “the last of the city dinosaurs”, as one obituary said today.

    There are suggestions that his death could prove untimely for the city merchant bankers Hill Samuel who have been working on a massive reorganisation of the Lowson empire for more than 12 months.

    Daily Express city editor John Roberts wrote today: “Only ill health – and finally his death yesterday – saved Sir Denys Lowson from prosecution for fraud on a vast scale.”
    *******************************************

    http://news.google.com/newspapers?nid=1301&dat=19730713&id=wLIpAAAAIBAJ&sjid=JuUDAAAAIBAJ&pg=4855,3816699
    Sydney Morning Herald – 13 July 1973
    Magnate to return profit on shares

    LONDON, Thursday. – A former Lord Mayor of London and millionaire head of a vast financial empire has agreed to pay back the £5 million profit (about $8.75 million) he made from a controversial business deal.
    £
    Sir Denys Lowson, 67, head of the £250 million Lowson Group, announced his decision last night, a mere 24 hours after the Trade Ministry had appointed two Government inspectors to investigate the deal.

    Sir Denys aroused widespread criticism last year when he bought and later sold one of Britain’s leading unit trust companies.

    The controversy concerned shares in the unit trust group which Sir Denys and his family bought for 63 pence (about $1.10) each.

    Later, the shares were sold for £8.67 (about $15) each.

    Outside shareholders were not told of the sales.
    **********************

    http://news.google.com/newspapers?nid=2507&dat=19730718&id=9pVAAAAAIBAJ&sjid=GqUMAAAAIBAJ&pg=6356,3390968
    Glasgow Herald – 18 July 1973
    Sir Denys quits as alderman

    Sir Denys Lowson yesterday resigned as Alderman of the City of London.

    The Court of Alderman of the City received his letter of resignation, in which he said: “Now that I have completed 31 years as an alderman, and over five years as the denior alderman, I feel that the time has come for me to surrender my office as alderman of Bridge Without.”

    Sir Denis Truscott said: “It is about a year now since Sir Denys first intimated that he intended to resign from the Court of Alderman in the not too distant future. At that time his health was none too good and his other commitments grew no less.”

    Sir Denys was elected to the Court of Common Council in 1940 (he was a Sheriff of the City of London in 1939), and he became alderman of the Ward of Vintry in 1942, later becoming Alderman of the Ward of Bridge Without in 1968.

    He was Lord Mayor in 1950 during the Festival of Britain.

    Sir Denys announced last week that he is to hand back profits of about £5m. he and his family made in controversila deals involving the National Group of Unit Trusts.
    *************************************

    http://books.google.com/books?id=oBJLAQAAIAAJ&q=%22Estates+House+Investment+Trust%22&dq=%22Estates+House+Investment+Trust%22&hl=en&sa=X&ei=CsGrU_X8N7OqsQS__YD4Dw&ved=0CDAQ6AEwAQ
    The Estates Gazette, Volume 242, Part 1
    1977

    [Page 562]
    £2.15m Office Investment Sale in the City

    ****Estates House, a wholly-owned subsidiary of Estates House Investment Trust**** have sold the freehold office investment in Estates House, Gresham Street, London EC2, to the Refuge Assurance Co for the sum of £2.15m, a price agreed last January.
    **********************************************************

    http://books.google.com/books?id=QUIcAQAAMAAJ&q=%22Estates+House+Investment+Trust%22&dq=%22Estates+House+Investment+Trust%22&hl=en&sa=X&ei=CsGrU_X8N7OqsQS__YD4Dw&ved=0CEAQ6AEwBQ
    Investors Chronicle, Volume 41
    1977

    [Page 431]
    Pension fund investment – the rising tide
    The Growing appetite of the nationalised industry pension funds for equities has been sharply illustrated by the recent massive bids for investment trusts. The British Rail pension fund, which bid £32m cash for Standard Trust but lost out to a £37 m share offer from the

    Prudential, has now made a near-£80m offer for Edinburgh and Dundee Investment Trust. Meanwhile, the National Coal Board pension fund is bidding £100m for the British National Trust.

    Battles between the public industry funds and the insurance companies are no contest. For the insurance companies, investment trust bids, such as ****Commercial Union’s share offer for the £48m Estates House Investment Trust****, are disguised rights issues. Since

    rights issues cost money to make (underwriting fees etc) the insurance companies can afford to be generous, whereas the pension funds always have the alternative of buying shares directly.
    **************************************************

    http://books.google.com/books?id=QUIcAQAAMAAJ&q=%22Estates+House+Investment+Trust%22&dq=%22Estates+House+Investment+Trust%22&hl=en&sa=X&ei=nuGrU9G3H5PPsATvjYCgDQ&ved=0CEAQ6AEwBQ
    Investors Chronicle, Volume 41
    Investors chronical and stock exchange gazette, 1977

    Assurance Company Limited
    The Board estimated and unaudited profits for the 9 months to 30th September 1977 of £42.3m (1976 £16.7m) after providing for taxation.

    earnings of approximately £1.8m before tax in respect of Estates House Investment Trust Limited. Income from the Austrian and German companies sold earlier this year has been excluded. For the same period of 1976 this amounted to £3. 2m. The Company has reviewed its deferred taxation accounting policies in the light of the proposed
    ***************************************************

    http://books.google.com/books?id=nLjHAAAAIAAJ&q=%22Estates+House+Investment+Trust%22&dq=%22Estates+House+Investment+Trust%22&hl=en&sa=X&ei=CsGrU_X8N7OqsQS__YD4Dw&ved=0CCwQ6AEwAA
    The Economist, Volume 267, Part 1
    Economist Newspaper Limited, 1978

    [Page 72]
    Assurance Company Limited
    Extracts from the Review by the Chairman, Sir Francis Sandilands C.B.E.,
    and from the Directors’ Report for the year ended 31st December 1977.

    Shareholders’ funds at 31 December 1977 amounted to £584m (19761410m). This substantial increase includes the effect of the acquisition of Estates House Investment Trust Limited, which increased net assets by approximately £45m, and the rights issue which raised

    approximately £74m after expenses. The percentage of shareholders’ funds to non-life premiums (referred to later as the ‘solvency margin’) was 54% (1976 36%) at the end of 1977

    Investment income increased by 3% to £127 7m ( 1976 £!23-9m) having been augmented by the ‘ acquisition of Estates House Investment Trust Limited, but reduced by the sale of our Austrian and German companies and changes in rates of exchange. Without these

    factors investment income would have shown an increase of 13%.
    ….

    [Page 73]
    In 1977 premium growth was only about 2% (excluding the affect of changes in rates of exchange) largely due to selling our Austrian and German subsidiaries.

    Early in 1977 we were approached by the board of Estates House Investment Trust Limited (‘EHIT’) who, as was known, had determined to unitise, sell or liquidate the trust on completion of their reorganisation and rationalisation. This approach was attractive to us because of the possibility of an agreed bid and because the assets of the trust, which were in the main a mixture of short term gilts and equities, were suited to our needs. We therefore negotiated an agreed bid, which was accepted by EHIT shareholders and resulted in the issue of £40.4 million shares which added some £45m to our shareholders’ funds. Welcome as this was, it did not take our shareholders’ funds to the level which we thought to be desirable. With the firm continuation of the trend of improvement in our underwriting results, it was decided to make a 1 for 6 rights issue in November at the time of the publication of our 9 months results.

    The size and timing of this issue, which increased shareholders’ funds by approximately £74m after expenses, understandably caused comment in the press and in the market. Our present solvency margin is 54% and whilst this is appreciably above the margin we have had in recent years, it is probably around the mid point of the range of margins of our principal competitors. More important, however, in the view of your Board, the solvency margin now safely allows for prudent growth and particularly for growth which comes from rate increases and from inflation, without such expansion being unduly inhibited by the possibility of decreases in investment values.
    ************************

    http://en.wikipedia.org/wiki/Lowson_baronets
    Lowson baronets

    The Lowson Baronetcy, of Westlaws in the County of Perth, is a title in the Baronetage of the United Kingdom: it was created on 27 June 1951 for Denys Lowson, Lord Mayor of London between 1950 and 1951.

    As of 2012 the title is held by his son, Sir Ian Lowson Bt OStJ, the second Baronet, who succeeded in 1975. He is Chairman of the Standing Council of the Baronetage.[1] Lady Lowson is a Patroness of the Royal Caledonian Ball.

    Lowson baronets, of Westlaws (1951)
    Sir Denys Colquhoun Flowerdew Lowson, 1st Baronet (1906–1975)
    Sir Ian Patrick Lowson, 2nd Baronet (born 1944)
    ******************************

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