8th Aug 2025 16:19
(Alliance News) - DCI Advisors Ltd's largest shareholder Almitas Capital LLC on Friday called for the appointment of Martin Adams to the board and said there have been "multiple governance failures" at DCI.
Through its managed funds, Almitas owns 19.95% of shares in the British Virgin Islands-based investor in residential resorts in Greece and Cyprus.
It said it has "concerns about what it believes are the multiple failures of corporate governance, independence and accountability at DCI Advisors."
In December 2024, Almitas requisitioned an extraordinary general meeting to elect Martin Adams to the board. It said it received support for the move from the majority of DCI's shareholders including Union Discount Company Sweden, Acasta Partners, and Serone Capital.
"Despite this clear mandate, the board has repeatedly obstructed the process," Almitas said.
The meeting, which was originally scheduled for February 28, has been postponed five times and is now set for next Friday.
"We believe the purported 'investigation', invoked by the board as grounds for deferring the EGM, increasingly constitutes a pretext designed to frustrate or otherwise impede shareholders in the lawful exercise of their voting rights," Almitas said.
In March, Almitas wrote to the board to detail what it considers to be "serious breaches" of corporate governance and professional misconduct. It said the board has not acknowledged the letter.
Adams was previously chair of the DCI board between 2021 and 2023.
Almitas said it is not an activist firm, and noted that it has never publicly requisitioned a shareholder meeting until now.
It said it is concerned by a "lack of strategic progress" as well as poor operational and financial performance at DCI.
"Almitas believes that the board’s lack of prior skill and experience in managing and selling illiquid unquoted assets necessitates a board of independent directors to provide oversight to the company’s management."
It also alleged "unreasonable large and misaligned executive compensation" and lack of independence on the board with the exclusion of certain directors from participating in board proceedings.
"Almitas believes it is imperative to improve DCI’s corporate governance standards as soon as possible and to arrest the steady decline in performance for the benefit of all stakeholders. Holding the EGM as soon as possible and electing Mr Adams to the board will be an important catalyst for change at DCI," Almitas concluded.
Shares in DCI Advisors were flat at 4.71 pence in London on Friday.
By Michael Hennessey, Alliance News reporter
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