DGAP-News: Castle Private Equity Holding: Information from Abrams Capital and Ironsides Partners
(firmenpresse) - EquityStory AG-News: Dynamics Group AG / Key word(s): AGM/EGM/Letter
of Intent
Castle Private Equity Holding: Information from Abrams Capital and
Ironsides Partners
27.03.2012 / 17:05
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Media Release
Abrams Capital and Ironsides Partners urges Board of Castle Private Equity
AG to disclose new fee structure before the AGM
Boston/MA, 27 March 2012 - The shareholder group consisting of Abrams
Capital and Ironsides Partners (the 'Shareholder Group'), which has called
for an extraordinary shareholders' meeting of Castle Private Equity AG
('Castle'), urges that shareholders of Castle register their shares in the
company's shareholder register in order to secure their voting rights. In
the last two years, only approximately 34% of the outstanding voting rights
were represented at the annual shareholders' meetings.
Castle has decided to combine the extraordinary shareholders' meeting
requested by the Shareholder Group with the ordinary shareholders' meeting
for the business year 2011. It will be held on 12 April 2012 at the offices
of the company in Pfäffikon/Switzerland. The invitation can be downloaded
on Castle's website using the following link
http://www.castlepe.com/index.php?id=145&L=. The changes suggested by the
Shareholder Group will be voted upon in items 7 and 8 of the agenda.
The new board members proposed by the Shareholder Group will - if elected -
ensure that only the Shareholders' interest will be represented in any
decision to be taken.
In addition, the Shareholder Group is pleased that the current Board of
Directors has adopted the Shareholder Group's plan to cease making new
investments and harvest the value of Castle's portfolio and to negotiate a
lower fee structure for investment management services provided by LGT
Private Equity Advisors AG. The Shareholder Group calls upon the current
Board of Directors to conclude negotiations and disclose the revised fee
structure in advance of Castle's shareholder meeting in order to allow
Castle shareholders to determine whether to support Castle's proposals.
The Shareholder Group would expect that the fee - today 2% per annum plus a
10% performance fee (without minimum return yield) - would be reduced to a
level more consistent with a portfolio in a wind down process and will
include incentives regarding the achieved shareholders benefits. Castle
shareholders must receive a more favorable fee structure in light of the
fact that LGT has received more than $136 million in fees since 2000 while
Castle's market capitalization has declined by approximately $40 million
during the same period. Please visit www.castle-egm.com for a complete
presentation relating to the views of the Shareholder Group.
The Shareholder Group also points out to its fellow shareholders of Castle
that the Shareholder Group would not seek any fees or any other
remuneration from Castle other than for customary compensation payable to
those of its nominees who are otherwise unaffilliated with the Shareholder
Group.
In order to be able to vote, Castle shareholders must make sure that their
shares are registered in the share register of Castle. For that purpose,
the Shareholder Group issued detailed information on its website
www.castle-egm.com. The Shareholder Group recommends that shareholders of
Castle who are not yet registered with voting rights register their shares
as soon as possible in the share register.
For further information please contact the Shareholder Group at:
Dynamics Group AG,
Utoquai 43, CH 8024-Zürich
Edwin van der Geest, vdg(at)dynamicsgroup.ch, +41 43 268 32 30
Philippe Blangey, prb(at)dynamicsgroup.ch, +41 43 268 32 35
Alexandre Müller, amu(at)dynamicsgroup.ch, +41 43 268 32 31
End of Corporate News
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162552 27.03.2012
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Datum: 27.03.2012 - 17:05 Uhr
Sprache: Deutsch
News-ID 128993
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