Shareholder calls for Treasury Group board takeover
Treasury Group has acknowledged an announcement from majority shareholder Michael de Tocqueville calling for an extraordinary general meeting (EGM) to eject the current board, but said it is yet to receive notice of it.
De Tocqueville, who failed to be elected to Treasury’s board at last week’s annual general meeting (AGM), said in a press release that he has the necessary support of minority shareholders with more than 20 per cent of the company’s issued capital.
However, Treasury Group managing director Mark Burgess said the group has not been provided with any evidence that this is the case, particularly considering the lack of support for de Tocqueville at the AGM vote.
“The proxies were 85 per cent against [him],” Burgess said.
“There’s no evidence he has the support to call an EGM. Based on 85 per cent, we’re not sure where he’s getting his support.”
De Tocqueville slammed the group’s AGM as “farcical”, arguing that the board did not “share with owners their thoughts as to optimum overall size of the company, its current health, opportunities within the financial services sector and, in particular, the company’s real area of expertise”.
However, Burgess said the group received “very positive” feedback from shareholders following the meeting.
AUTHOR
Amal Awad
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