Novavest: Shareholder demands extraordinary general meeting
The MV Immoextra Switzerland fund is dissatisfied with Novavest's share price performance and wants to convene a general meeting to restructure the majority of the Board of Directors.
Caceis (Switzerland) SA has requested the convening of an extraordinary general meeting on behalf of the investment fund MV Immoxtra Schweiz Fonds, which holds 15.24% of Novavest Real's capital. According to a statement from Novavest, this is being done with the aim of removing three of the five members of the existing Board of Directors. The members in question are Thomas Sojak, Stefan Hiestand and Daniel Ménard. Sojak is also to be voted out as Chairman of the Board of Directors and Daniel Ménard as a member of the Remuneration Committee. The three proposed new members of the Board of Directors are Cyrill Schneuwly (Chairman of the Board of Directors), Ueli Kehl (Remuneration Committee) and Roland Vögele. In addition, changes to the capital band pursuant to Article 3a of the Articles of Association are requested. In its proposal, Caceis primarily refers to the unsatisfactory share price performance of Novavest Real Estate AG.
"Corporate governance inadequate"
MV Invest AG, as advisor to the manager of the MV Immoxtra Switzerland fund, criticizes inadequate corporate governance at Novavest in its own press release and sees a loss of confidence in the management as the reason for the share price performance. In addition, the existing structure of Novavest, which delegates tasks to Nova Property Fund Management AG by means of management contracts, is "no longer in the interests of the shareholders". The main functions should "in future be covered by an internal management team that works exclusively for Novavest." Finally, MV Invest expresses doubts about the communicated benefits of the merger with Senioresidenz AG and fears that the current Board of Directors will carry out capital increases despite the low share price. The Articles of Association should therefore be amended to the effect that the issue price of new shares may not be less than 90% of the intrinsic value of the shares. (aw)
