GAM has cancelled its extraordinary general meeting scheduled for 18 August following the withdrawal of proposals by Rock Investments.
The EGM, which had initially been set for 25 August but was brought forward following the extension of the offer period by Liontrust, had been organised to discuss the proposals set out by Rock to dismiss the GAM board and elect a new one to "with a clear plan to turnaround the business".
GAM shareholders withdraw proposals for EGM
Rock Investments, which is part of the investor group NewGAMe, first wrote to GAM on 7 June to request the EGM, which was supported by a second letter on 15 June.
According to GAM, Rock first asked for the EGM to be postponed on 7 August, before asking for the EGM to be cancelled on 9 August, with a second letter on 11 August confirming its desire to cancel the EGM.
The GAM board said it was "disappointed" by the withdrawal of the Rock proposals, which it described as a "vexatious use of shareholder rights".
The board wrote: "Rock's actions make their strategy transparent: to disrupt the legitimate offer from Liontrust, while hoping to take control of GAM, without committing the financial support required to maintain GAM as a going concern.
"In any event, it is highly uncertain that another EGM could be convened in time to address GAM's financial position."
The board reaffirmed its support for the public tender offer made by Liontrust and urges all shareholders to tender their shares before the offer deadline of 23 August.
