On 22 July, hundreds of shareholders voted in favour of a refreshed Antares board with proper oversight and composition; a board that would act in the interests of ALL shareholders.
Their vote was supported by independent proxy advisory firms ISS and CGI Glass Lewis, which recommended that shareholders remove the two employee directors and appoint new members to the board.
Regrettably, the vote of one single institutional shareholder, London-based Schroders, which supported the old board, meant that the wishes of those hundreds of small shareholders were frustrated.
We believe that CEO and Chairman James Cruickshank has promised immediate value creation and we intend to vigorously hold him to account for his two trading halts and multiple supposed indications of interest for the Company and its assets. Investors at this General Meeting elected a Chairman that promised them near-term value creation and influenced the vote in his favour through his actions. We believe that should this near-term value not be realised, a breach of trust with all Antares shareholders will have been committed by James Cruickshank.
The status quo has returned and today Antares continues as a company run by its Chairman, Chief Executive and Chief Operating Officer, Mr James Cruickshank. There continues to be no proper oversight as it is still an employee-run board and James Cruickshank sits on the compensation and audit committees. Shareholders have been denied the benefit of qualified independent directors looking out for shareholders’ interests.
Call us on 1300 889 468 if you have any questions.