Impax Environmental Markets starts search for new investment manager

Impax Environmental Markets PLC on Monday said it is seeking a new investment manager, after Saba Capital Management LP successfully replaced the board last month.

The London-based investor in companies mitigating environmental risks said that it has served notice on investment manager Impax Asset Management Ltd to end the existing investment management agreement.

The firm said a 12-month notice period applies which will expire at the end of July 2027. The board said it has requested that the investment manager considers waiving all or a "substantial part" of this notice period.

Impax Environmental Markets said it has started a "fair and transparent request for proposal process" to find and appoint an investment manager or strategic alternative.

As part of the process, Impax said it will take the viewpoints of all stakeholders into account.

"The board remains committed to ensuring the ultimate success of the company and its alignment with the interests of its shareholders," it said.

Last month, Saba successfully appointed its four nominees to the board of Impax Environmental Markets.

Back in April, Saba requisitioned the meeting and proposed the election of four nominees, with Caroline Bault, Steven Grey, Jason Chen and Aaron Morris successfully appointed as new directors after the meeting.

The resolutions to appoint said directors all received 71% of votes in favour from shareholders.

Impax Environmental directors Glen Suarez, Aine Kelly, Stephanie Eastment, Guy Walker and Elizabeth Surkovic were all successfully removed at the meeting, with 71% of votes in favour.

Shares in Impax Environmental Markets were up 0.9% at 424.80 pence on Monday afternoon in London.

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