The on-going tussle for control of the Hunter Hall Global Value (HHV) fund has created board casualty for WAM Capital Limited (QAM) with the resignation of HHV chairman, Paul Jensen from the WAM board.
Jensen announced his resignation decision to the Australian Securities Exchange (ASX) today saying that it he had done so reluctantly but that the situation between WAM and HHV had left him little option.
“Having considered WAM’s operations as a whole and the current business environment in which it is operating, I have reached the decision that the differences of opinion between Wilson Asset Management Pty Limited as the manager of WAM, and HHV as to the future of HHV, mean that my role as a director of WAM may provide a distribution from the issues that the business has to address to ensure the best interests of all shareholders are protected,” Jensen’s letter said.
The letter noted that Jensen had been an independent non-executive director of WAM for over 12 years and was appointed to the board of HHV in October 2015 following a search by HHV for a new independent non-executive director.
Jensen’s letter sought to reassure shareholders of HHV that he remained committed to the company and would continue to act in the best interests of all shareholders.
