The previous Hunter Hall Global Value Limited board did not execute its duties and company strategies will need to be reassessed and carefully followed to undo damage to shareholder interests, according to Wilson Asset Management chairman, Geoff Wilson.
Wilson expressed his dissatisfaction with former board and said the disregard for the interests of Hunter Hall Global Value Limited (HHV) shareholders had come at a significant cost.
Long-held recommendations for the HHV included the renewal of the board, reduction of directors’ fees, commitment to a progressive divided policy, and clearer communication with stakeholders, which Wilson said had not previously been carried out.
“It is a great shame the previous board was unwilling to act in shareholders’ interests and execute these initiatives,” he said.
“Properly executed, the strategy would be a positive for HHV’s future.”
Wilson said the early signs of renewed leadership for HHV under Pengana were promising however, and that recently appointed chairman Frank Gooch held the necessary experience to lead the board.
“I look forward to ensuring Pengana and the HHV board remain focused,” he said.
“I am currently reviewing the change in management and performance fees, which shareholders will have an opportunity to vote on.”
