13th Jul 2021 18:18
Third Point Investors Ltd - closed-end, value-oriented hedge fund managed by Daniel Loeb's Third Point LLC - AVI Global Trust PLC, alongside three other shareholders - collectively owning over 17% of shares, requisitioned Third Point in Monday last week to convene an extraordinary general meeting to consider a new investment policy.
The proposed new investment policy would see Third Point use its existing contractual authority to redeem shares in the Master Fund and use the proceeds to fund redemptions of shares at NAV less costs on a quarterly basis.
Third Point says that following extensive counsel, under section 203 of the Companies Guernsey Law 2008, the resolution falls under the legal definition of "ineffective", and as a result, the company will not be holding the meeting.
"Since it has been determined that the proposed resolution, even if approved, would inappropriately infringe on the board's ability and obligation to manage the company, it would have no legal effect and therefore the board has determined that convening the meeting would constitute a poor use of company resources," Third Point states.
Current stock price: USD26.80, down 1.1%
Year-to-date change: up 26%
By Dayo Laniyan; [email protected]
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