Investor group NewGAMe and Bruellan, which holds a 9.2% stake in GAM, has continued its campaign against the group's buyout by Liontrust, calling 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.
GAM shareholders take fresh concerns over Liontrust takeover to Swiss authorities
Last month, they wrote to the Swiss Takeover Board over concerns about the timetable of the takeover.
This time, the group has called for an EGM of shareholders "to revoke GAM's incumbent board and elect a new one with a clear plan to turnaround the business".
GAM revealed today (8 June) it had received a request from Rock Investment SAS, part of the NewGAMe and Bruellan group, to hold an EGM on or about 16 August concerning replacing the current GAM board.
It said this would put the EGM after the results of Liontrust's initial offer being revealed, which it expects to come out tomorrow (9 June).
GAM confirmed Rock Investment's request does not include a competing takeover offer for the group.
In a statement, GAM said it continued to "strongly recommend that shareholders accept the Liontrust proposal".
In their own statement, NewGAMe and Bruellan said: "Liontrust's all-share exchange offer, which has been unanimously recommended by GAM's current board, significantly undervalues the company, is highly conditional, values GAM's FMS business at zero, and may not be completed before the end of 2023 or beyond, if at all.
"The investor group expects GAM shareholders will share this assessment, and as a result reject Liontrust's inadequate offer by the end of the offer period, currently scheduled to expire on 21 July 2023.
"In this event, GAM's incumbent directors must take responsibility for this failure and resign. Should they be unwilling to do so, GAM's shareholders must be given the opportunity to revoke the current board, and replace it."
GAM senior portfolio managers express support for Liontrust merger
The group said it was convinced "that a more focused board and management team can generate better value for GAM's shareholders" and said it was proposing a "a slate of industry veterans" as the replacements, including Antoine Spillmann, executive partner of global wealth management firm Bruellan and former vice president of the Swiss Association of Asset Managers for chair.
Charlotte Aubin president of the GreenWish Group, Carlos Esteve former vice chair on the board of Banque Heritage, Anthony Maarek the Managing Director of NJJ Holding and former managing partner of Fabien Pictet and Partners Global Holdings, were the proposed other candidates to the board, all of which the group claims have " significant asset management and banking industry expertise with a particular focus on key areas that must be rebuilt at the firm: hedge funds, alternatives and wealth management".
