Gam will hold an extraordinary general meeting (EGM) later this month where fresh proposals will be put to shareholders following Liontrust’s failed takeover of the company.
The current Gam board has urged shareholders to back proposals from Rock Investment, which controls NewGame, the rebel shareholder group which thwarted the Liontrust deal.
At the EGM on September 27, shareholders will be asked to elect a new board of directors. The nominees for election are Antoine Spillmann as chairman, Carlos Esteve, Anthony Maarek, Fabien Pictet and Jeremy Smouha.
The meeting will also vote on Rock Investment’s proposal for the creation of a conditional capital for financing purposes and to increase the share capital range of Gam.
Antoine Spillmann, CEO at Bruellan and proposed candidate for GAM chair said: “We are excited by the opportunities that lie ahead and have made a long-term commitment to create stability and secure the future of Gam.
“Our vision is to restore Gam’s reputation, keep the company true to its Swiss heritage and create long-term value for all stakeholders.”
Two weeks ago shareholders failed to back Liontrust’s planned takeover of the company with just 33.5 per cent voting in favour of the proposals.
The latest announcement from Gam reads: “The current GAM Board proposes to approve Rock’s proposals and urges shareholders to vote accordingly.
“NewGame have today reiterated their intention to create stability and secure the future of Gam. The proposals to shareholders at the EGM are part of their ongoing plan to provide funding to Gam over the longer term to supplement the immediate short-term financing announced on the 29 August 2023.”
On August 29, the Gam board agreed to step down at the EGM once new directors are elected.
Gam has also set up short-term financing with investor group NewGame and Rock Investment SAS of CHF20mn (£17.9mn).
Rock is owned by NJJ Holding, who own 9.6 per cent of Gam, and is part of the NewGame group of investors consisting of NewGame SA and Bruellan SA.
tara.o'connor@ft.com
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