75% of Independent Third Point Investors Ltd (TPOU.LN) Shareholders back AVI's proposed discount control mechanism
Despite the misleading portrayal of the results by TPOU's Board, we note that 52% of Public Shareholders voted FOR the removal of Joshua L. Targoff from TPOU's Board at today's EGM, a resolution put forward as a proxy for the vote on a proposed discount control mechanism that was denied to Shareholders by the Board.
"We understand that Daniel Loeb, CEO of Third Point LLC, voted his 17% stake against this resolution, meaning that an overwhelming majority (75%) of independent Shareholders supported the discount control mechanism."
"Given the total number of votes cast on Resolution 2 exceed the number of Public Shares outstanding, it is clear that VoteCo, an entity set up solely to resolve jurisdictional regulatory issues in the US, voted its Class B Shares against the resolution. With VoteCo's votes removed from the count, it is clear our resolution was carried by a majority of all Shareholders and had the emphatic backing of independent Shareholders".
"Our intention, when requisitioning this vote, was to finally give Shareholders an opportunity to vote on a structural solution to the discount ? something the board has repeatedly resisted. Independent Shareholders have spoken in no uncertain terms and will now expect the Board to listen. It is in no-one's interest that this dispute plays out any longer in public, and we very much hope that the Board will now be willing to enter into discussions with us privately to find a solution and allow the company to move forward on a stronger footing with a unified Shareholder base."
The EGM was requisitioned by AVI and three other Shareholders including Metage Capital and Global Value Fund who together represent over 18 per cent. of TPOU's ordinary shares.
Asset Value Investors
Tom Treanor
Director
Metage Capital
Richard Webb
CEO
Global Value Fund
Miles Staude
Director
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