Proposed independent directors, who have been nominated to replace the current board of Hunter Hall Global Value Fund Limited, have outlined a new strategy aimed at improved capital management, dividend policy and shareholder engagement initiatives.
Under the proposed leadership, the fund would prioritise reversing its persistent discount to net tangible assets (NTA) and would allow shareholders to vote on an equal access buyback while growing the company.
Also, the proposed board would consider issuing a free one-for-one bonus option for all shareholders that remain invested in HHV after the potential buyback was completed.
Other objectives included significant reduction in directors’ fees, four cents per share final dividend to be paid in November 2017, and eight cents per share full-year dividend to be paid in 2018.
Proposed independent director, Kym Evans, said: “We strongly believe shareholders deserve a choice about their future, so this is an important first step. We would then consider raising capital at NTA, similar to the process Wilson Asset Management is undertaking with the listed investment company (LIC) Century Australia Limited, founded by Peter Morgan”.
Major HHV shareholders Wilson Asset Management related entities’ chairman Geoff Wilson endorsed the initiatives.
HHV shareholders will vote on Wilson Asset Management’s resolutions to replace the existing directors at a General Meeting which will be held on Thursday.
