GAM rejects investor group’s EGM delay request

Board ‘determined’ to go forward as planned despite Liontrust offer period extension

Swiss flag waving, church and colorful facades of houses in Old Town of Zurich, the largest city in Switzerland in sunny day.


GAM has rejected investor group NewGAMe’s request to delay the 18 August extraordinary general meeting (EGM).

It follows yesterday’s request to move the meeting until after the outcome of Liontrust’s proposed takeover is known. The offer period is set to end on 23 August.

NewGAMe said it would withdraw from the meeting should an extension not be publicly announced by 10 August.

The investor group, which holds approximately 9.6% of GAM shares, added it would then request a new EGM once the result of Liontrust’s bid is known.

See also: GAM investor group requests EGM delay until after Liontrust offer outcome

The group has not issued an update since the announcement of GAM’s rejection this morning (9 August).

Shareholders are due to vote on NewGAMe’s alternative vision for the future of GAM during the EGM.

Their proposals include replacing the existing board with their own directors and launching a special audit, while the group has also tabled its own bid for another 17.5% of the Swiss asset manager’s shares.

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