Opponents of the takeover of Swiss asset manager GAM want to remove the incumbent board of directors which is intended to avert the planned takeover by Liontrust.
The next round in the poker game for beleaguered asset manager GAM is about to begin. The rebellious investor group consisting of Newgame and Bruellan controlling around 9.2 percent of GAM's issued share capital, is calling for an extraordinary general meeting of shareholders to be held in mid-August.
It seeks to oust GAM's incumbent board of directors with new representatives so that a clear plan to turn the company around can be presented, according to a statement Thursday.
Appointment of Industry Professionals
For the new board, the investor group is proposing several industry professionals, in particular with hedge fund experience as well as in alternatives and wealth management, which the group believes need to be rebuilt at GAM.
For the role of chairman, the Group proposes Antoine Spillmann, a managing partner of asset management firm Bruellan and former vice chairman of the Asset Management Association Switzerland.
Rejected Objection
The new push comes as opponents GAM's sale to Liontrust just suffered a setback.
A ruling by the Swiss stock exchange's takeover commission rejected an objection by Rock Investment, an investment company in French-speaking Switzerland, for the planned sale of GAM to Liontrust.
The ruling paves the way for Liontrust and the GAM board of directors, also in favor of the sale, where Liontrust can count on almost 20 percent of the voting rights in GAM.
