Business
EGM withdrawal and Directorate Changes
EGM withdrawal and Directorate Changes.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 4474K Sirius Real Estate Limited 15 July 2011 \n \n\nSirius Real Estate Limited (\"Sirius\")\n \nEGM withdrawal and Directorate Changes\n \n \nFurther to the announcement on 27 June 2011, relating to Weiss Asset Management LP's (\"Weiss\") requisition of an Extraordinary General Meeting, the Company announces that following discussions with the Board and major shareholders, Weiss has withdrawn its request to requisition an EGM and that the following Directorate changes will take place:\n \n· Dick Kingston, Non Executive Chairman, has resigned with immediate effect\n \n· Robert Sinclair, currently a Non Executive Director will become Chairman also with immediate effect\n \nAs a consequence of these changes the Board has commenced looking for suitable replacements whilst also ensuring that the new Board composition does not alter the Company's current tax position, its Guernsey residency and its status as being regulated by the Panel on Takeovers and Mergers. Rolf Elgeti and Eitan Milgram, recommended as potential Directors by Weiss as part of the EGM requisition, will be appointed to the Board subject to them being deemed suitable by the Nomad and the Guernsey regulator and the new Board composition not jeopardising Sirius's tax position, its Guernsey residency and its status as being regulated by the Panel on Takeovers and Mergers. Laxey Partners (holder of 30,342,0714 shares or 10.04% of the share capital) have also been invited to propose a new director as its representative on the Board. The Board also plans to recruit sufficient Guernsey based Directors to ensure compliance with Guernsey residency and its status as being regulated by the Panel on Takeovers and Mergers.\n \nIn addition, the Board has decided not to continue to pursue a new external management agreement with its current asset manager Principle Capital Sirius Real Estate Asset Management Limited. The Board is now looking at alternative solutions including adopting an internal management structure, preferably with the existing management, or an external contract with a 3rd party management team.\n \nRobert Sinclair, Chairman, said, \"Dick has decided to stand down as he was unable to gain adequate support from major shareholders for a revised man...