GAM investor group demands EGM date change over Liontrust deal vote
The investor group wants to move the EGM to on or around 31 August to reflect the extension of Liontrust's offer period.
Should GAM fail to announce publicly the re-scheduling of the EGM by 10 August, the group has said today (8 August) it will withdraw its already submitted proposals and request a new EGM to be held once the result of the Liontrust offer is known.
These proposals include removing the existing board, replacing them with their own slate of directors, issuing a dilutive convertible bond and launching a special audit.
Liontrust extends GAM offer deadline as John Ions responds to shareholder group
The investor group comprises NewGAMe SA and Bruellan SA, which controls approximately 9.6% of the issued share capital of GAM Holding AG.
The group wants to move the EGM to on or around 31 August, to reflect the extension of Liontrust's offer period.
Originally, the offer period was due to end on 25 July and has since been extended to 28 July, then 4 August, then 23 August. Liontrust originally announced its intention to buy GAM on 4 May.
In a letter addressed to GAM's board, the group highlighted the board's decision to bring forward the EGM date, from 25 August to 18 August, and Liontrust's decision to extend the offer period until 23 August.
It stated this move «prevents GAM's shareholders from drawing on the consequences of the expected failure of Liontrust's offer to make an informed choice about the future of the company».
The letter also addresses the «unsatisfactory» answers provided by GAM on 2 August to the questions that the group submitted on 7 and 15 June 2023. The group has asked GAM to complete the «inadequate responses» it provided on 2 August and raised nine additional questions
Antoine
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