GAM 'confirms' new publication date for Liontrust's offer prospectus amid EGM calls

GAM Holding said in a statement on 9 June that it "confirms the publication of the offer prospectus of Liontrust" amid calls for an EGM by a group of protesting investors. 

The Swiss-headquartered asset manager said Liontrust Asset Management had previously stated that it intended to publish a Circular and the Offer Prospectus for the public exchange offer for all publicly held registered shares of GAM Holding AG on 9 June 2023.

"Liontrust Asset Management now expects to publish both the Circular and Offer Prospectus on or around 13 June 2023.

"GAM is making this announcement pursuant to its obligations under Article 53 of the Listing Rules of the SIX Exchange."

The latest GAM announcement on the group's buyout by Liontrust comes amid continued calls by investor group NewGAMe and Bruellan, which holds a 9.2% stake in GAM, for an extraordinary general meeting to be held to remove the former's board.

NewGAMe and Bruellan have persistently pushed back on GAM's takeover by Liontrust, which was announced back on 4 May.

Investors have until 11 August to accept the deal, but this cohort of shareholders have constantly protested that the deal was not in GAM's best interests.