Advance UK response to Infrastructure India
10 3월 2010 - 2:25AM
UK Regulatory
TIDMADU TIDMIIPW
RNS Number : 3306I
Advance UK Trust PLC
09 March 2010
Advance UK notes that Infrastructure India PLC has finally responded to our
request to convene a meeting to change Infrastructure India's Board of
Directors. Our request was received by them on 14 December 2009. We expected
them to send out notice of the meeting within 21 days. However they dragged out
the process for almost three months. We believe their failure to respond
promptly to a shareholder request is ample evidence, if any were needed, that
this Board is the wrong one for Infrastructure India.
Our action in requisitioning this meeting was not designed to generate a
short-term profit for ourselves but was borne out of our longstanding commitment
to tackle the problems of investment companies like Infrastructure India and
thereby generate value and liquidity for all shareholders. The Board though aims
their arguments squarely at us and, in particular, the document make constant
reference to Advance UK's liquidation vote but fails to mention that we will be
able to hold onto our shares in Infrastructure India for up to 12 months after
the date of our liquidation vote; we will not be a forced seller of our shares.
The document makes reference to the existing directors' "wealth of experience"
and implies that the Board's ousting of Bloomsbury Asset Management was designed
to save the Company money. We believe however, that shareholders invested in the
Company to gain access to the expertise of Bloomsbury, the directors were
appointed to safeguard shareholders' interests not to seize control of the
Company and take it off in a new direction.
The directors have the support of one large shareholder; we believe that all the
other major shareholders are frustrated with the small size of the Company, the
high overheads, directors that ignore shareholders and the share price. They do
not want a dilutive share issue. They do not want new investments that will take
many more years to mature. The proposed new Board is ready to tackle the
Company's problems and is happy to discuss the future of the Company with
shareholders.
Contact James Carthew on 020 75665531
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSAFWUFSSEFD
Advance UK Tst. (LSE:ADU)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Advance UK Tst. (LSE:ADU)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
Advance UK Tst. (London Stock Exchange)의 실시간 뉴스: 최근 기사 0
More Advance Uk Trust News Articles