The Board of Directors at Novavest Real Estate is opposing a minority shareholder's attempt to replace three board members and the chairman, labeling it an aggressive move for control. The board argues that the proposed candidates have conflicts of interest and lack the necessary qualifications, which could jeopardize governance and shareholder equality. Additionally, a proposed amendment to the Articles of Association regarding the capital band is rejected, as it would limit the company's operational flexibility.
Novavest's Board of Directors is resisting demands from minority shareholder Caceis, representing the MV Immoxtra Switzerland Fund, to replace three board members, citing potential harm to the company's strategic objectives following its recent merger. The fund, holding a 15.24% stake, criticizes the company's share price performance and seeks to install its own candidates at the upcoming extraordinary general meeting. The Board emphasizes the importance of stability during this transitional phase to ensure the successful implementation of merger synergies.
Novavest Real Estate's largest shareholder, holding a 15.24% stake, is pushing for the removal of three board members due to unsatisfactory share price performance and a loss of confidence in management. Proposed replacements include experienced figures from the financial and real estate sectors, aiming to enhance corporate governance and protect shareholder interests. The board is currently reviewing the demand and will respond accordingly.
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