CORRECT: Saba requisitions meeting to replace IEM board
(Correction clarifies that Saba’s letter was sent to the board of IEM, not to shareholders as previously stated.)
Saba Capital Management LP on Tuesday called for the board of Impax Environmental Markets PLC to resign after 78% of IEM shares were tendered under the company’s exit tender offer.
In a letter to the IEM board, Saba said it is ‘profoundly disappointed with the company’s performance and the boards’ inability to implement necessary strategic changes to improve the status quo.’
On Monday, IEM said 148.2 million shares, representing around 78% of its shares were tendered in its exit offer. 99% of IEM shareholders had voted in favour of implementing the offer on April 16.
IEM on Thursday said it believes activist investor Saba has tendered the majority, if not all, of its stake. Saba on Thursday said its post-tender shareholding is 29.9%, but IEM on Tuesday said it is ‘difficult to determine’ Saba’s holding.
Saba said the 78% acceptance rate ‘makes clear there is little demand for this company to continue in its current state. In our view, any board would ordinarily step aside following this result. In light of this, we respectfully request that you resign.’
‘As the company’s largest shareholder, we therefore feel a duty to advocate for a necessary change. As a result, we intend to requisition a general meeting of the company to remove the entire board and, in its place, appoint a new board composed solely of qualified, independent directors who are committed to delivering long-term value for all shareholders,’ Saba added.
In response, IEM said Saba’s letter ‘reinforces the importance and timeliness of the board’s actions to protect the long-term interests of all shareholders.’
‘The board acknowledges the likelihood of Saba having effective control of the company following the completion of the exit tender offer, and as such, will constructively engage with Saba,’ IEM added.
IEM shares closed up 0.7% at 442.39 pence each in London on Tuesday.
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