GAM labels NewGAMe's proposal withdrawal 'vexatious' and a disruption strategy

Letter to shareholders

GAM’s board has told investors that NewGAMe’s proposal withdrawal and EGM cancellation are an attempt to "disrupt" the Liontrust offer so that NewGAMe can "seek to take control" if it is not successful.

The letter to shareholders sent out today (17 August) comes after months of back and forth between the asset manager's board and the investor group and a week after the latter formally asked to cancel the EGM that was due to take place tomorrow (18 August). The EGM had first been called by shareholder Rock Investment, which is a part of NewGAMe, in early June. This would have allowed shareholders to vote on the conditions of NewGAMe's partial offer. However, on 9 August, NewGAMe withdrew all of their proposals, an action which GAM said was only performed to disrupt the Liontrust offer...