Third Point Investors rejects call for EGM

Resolution would be 'ineffective'

Third Point Investors Limited (TPIL) has refused shareholders’ calls for an emergency general meeting to instigate a new investment policy as it says the proposed resolution falls under the legal definition of ‘ineffective’.

In a stock exchange announcement, the board of the £1bn investment company said the changes proposed by the shareholders would legally need to be through a special resolution, rather than an ordinary resoluation.  Last week (5 July) Asset Value Investors (AVI), and three other shareholders representing over 17% of TPIL's shares and 10% of voting rights, suggested TPIL use its existing contractual authority to redeem shares in the master fund and use the proceeds to fund redemptions of ordinary shares at NAV less costs. Redemptions would take place quarterly and be capped at 25% of ord...