Novavest: BoD speaks of "cold takeover of control"
In a substantive statement, the Board of Directors of Novavest rejects the accusations of the largest single shareholder and intends to defend itself against the demand for a new board.
According to a press release issued today, the Board of Directors of Novavest intends to "defend itself with all its might against the attempt by the MV Immoxtra Switzerland Fund to take hostile control of the company". Yesterday, Novavest reported on the fund's request to appoint a new majority of board members at an extraordinary general meeting. The Novavest Board of Directors rejects the accusations made by the MV Invest vehicle in the statement it has now published.
The MV Immoxtra Switzerland Fund, which is Novavest's largest single shareholder with around 15 % of the shares, had criticized Novavest's unsatisfactory share price performance and attributed this to a lack of confidence in Novavest's corporate governance.
The Board of Directors of Novavest responded in its statement that the aforementioned merger had been approved by "overwhelming majorities" of 96% and 94% respectively of the two shareholders of Novavest and Senioresidenz. The members of the Board of Directors, whose replacement MV Invest is seeking, were also last elected with quotas of over 99% each. The requested replacement of the members of the Board of Directors would jeopardize the achievement of the strategic objectives. The transformation process that has just been initiated "also includes a review of the management structure at Board of Directors and Executive Board level".
"MV Immoextra acts in its own interests"
Above all, however, Novavest criticizes the fact that the fund's initiative "amounts to a cold takeover of Novavest Real Estate AG by the minority shareholder MV Immoextra Schweiz Fonds". The latter is acting primarily "in its own interests and not in those of Novavest Real Estate AG". This is itself "in clear contradiction to the requirements of good governance and equal treatment of investors."
With the invitation to the Extraordinary General Meeting, the Board of Directors of Novavest intends to "provide detailed information on the status of the ongoing realignment of Novavest Real Estate AG". (aw)
