GAM shareholders approve new board at EGM
The shareholder group along with Rock Investment SAS, entered into an agreement with GAM to provide financing for the asset manager following the collapse of the Liontrust deal.
The former board members, including GAM's former CEO Peter Sanderson, all elected to step down from their roles after the collapse of Liontrust's takeover bid for the firm.
The EGM was convened to allow investors to vote on proposals put forward by NewGAMe, which has a near 10% stake in GAM and fought against the Liontrust takeover attempt.
Shareholders approved the appointment of Antoine Spillmann as chair of the board, who was CEO and partner at Bruellan, part of NewGAMe.
GAM investor group changes CEO candidate day before shareholder vote
The shareholder group, along with Rock Investment SAS, entered into an agreement with GAM to provide financing for the asset manager with NewGAMe offering to increase its funding from the already agreed CHF 20m needed to repay the group's loan from Liontrust. to CHF 100m, on the condition that NewGAMe's proposed candidates were elected to the board.
All the proposed candidates were elected today.
Newly appointed board member Anthony Maarek is managing director of NJJ Holding, the personal holding company of Xavier Niel, which owns Rock Investment SAS, the French-incorporated entity which controls NewGAMe.
GAM convenes EGM and urges investors to back NewGAMe proposals
In the statement, GAM confirmed it would be taking on the CHF 100m funding from Rock Investment as a mixture of short- and long-term loans.
The newly formed board will begin operating with immediate effect, and GAM said it would hold a second EGM once the process for NewGAMe's partial tender offer for up to 17.5% of GAM's share capital is
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