As Swiss asset manager GAM appoints new board members, its capital management proposals fell short with shareholders.
At today's Extraordinary General Meeting of Swiss asset manager GAM, shareholders approved some of the proposals put forward by investment company Rock Investment SAS (Rock), according to the meeting results.
Rock is a member of the Newgame investor group, which holds nearly ten percent of GAM's issued share capital.
New Board Members
Rock's proposed nominees to GAM's board of directors were all elected: Antoine Spillmann who is an executive partner of Bruellan, and part of the Newgame Investors Group as a member and chairman of the board. Carlos Esteve, Anthony Maarek, Fabien Pictet, and Jeremy Smouha were selected as board members, each for a term of office until the conclusion of the 2024 Annual General Meeting in a separate election.
Shareholders narrowly rejected two agenda items proposed by Rock to introduce conditional capital into GAM's Articles of Incorporation for a capital increase.
Increased Financing
As announced yesterday, Newgamee is committed to securing the necessary financial resources to fund GAM's operations and ensure stability for clients, employees, and other stakeholder groups.
Rock has already provided short-term financing of up to 20 million Swiss francs to meet GAM's immediate liquidity needs. The investor group is now prepared to provide GAM with a mix of short-term and long-term financing of up to 100 million francs.
