WAM follows through on HHV board spill threat
Wilson Asset Management (WAM) founder, Geoff Wilson has followed through on his threat to pursue a board change at Hunter Hall.
Wilson confirmed today that WAM was calling a meeting of shareholders of the Hunter Hall Global Value Fund aimed at installing a completely independent board.
He said this was because he did not believe the shareholders had been treated with respect around their right to choose to remain invested in the company or to exit at fair value.
"We strongly believe shareholders, as the owners of listed companies, should be treated with respect. This has not been the case with Hunter Hall Global Value Fund (ASX: HHV) for a long time," Wilson said. "We are calling a meeting of shareholders to replace the existing HHV board with a completely independent board that will allow all shareholders to choose between remaining invested in the Company or exiting at fair value following the shock departure of Peter Hall.:
He said WAM was fighting for the choice because it was "the desired outcome for ourselves and for many retail HHV shareholders who, in our view, have been ignored by the current board".
At the shareholder meeting being pursued by Wilson, shareholders will be asked to vote on resolutions to remove existing directors Paul Jensen, David Groves and Julian Constable, and appoint Kym Evans, Emma Davidson and Glenn Burge.
"We propose to cut the annual Chairman's fees by 60 per cent from $87,000 to $35,000 and reduce directors' fees by 50 per cent from $60,000 to $30,000, which we believe is appropriate," he said.
"If our resolutions are successful, all shareholders will be provided with an equal access share buyback at net tangible assets (NTA) and improved corporate governance, capital management, dividend payments and shareholder engagement."
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