“A blow for the London stock market”
AIC responds to Impax Environmental Markets’ exit tender offer.
The Association of Investment Companies (AIC) has responded to Impax Environmental Markets’ proposed exit tender offer.
Richard Stone, Chief Executive of the Association of Investment Companies (AIC) said: “It’s infuriating that we could lose both Impax Environmental Markets and Edinburgh Worldwide because of one minority shareholder. Saba has thwarted the interests of the majority of shareholders. They have refused a cash exit, and their actions suggest they are bent on taking control of these companies. But the majority of shareholders have voted for the continuation of these investment trusts in their current form.
“We need policymakers, regulators and the Takeover Panel to take action to prevent a minority shareholder from dictating the future of an investment trust and taking control of its management contract against the interests of other investors. The priorities should be to protect board independence, strengthen the rules around conflicts of interest, and rethink the related parties rules.
“Impax Environmental Markets and Edinburgh Worldwide are both FTSE 250 companies and highly valued by their shareholders. Losing these companies would be a blow for the London stock market and British investors.”
- ENDS -
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