Aegis has received the support of major shareholders as it attempts to stop Vincent Bollore from gaining two seats on its board.
Bollore’s nominees, Philippe Germond and Roger Hatchuel, were rejected by shareholders at a meeting earlier in the year (see
Bollore Fails In Board Bid).
They will be voted on at an EGM to be held on November 22 (see Aegis Announces EGM For Bollore Board Bid).
Aegis said that Fidelity International, Standard Life, Henderson Global Investors, Hermes and Aberdeen Asset Management have all signed letters expressing their support for the board.
In addition, six other large shareholders have given their support to the content and issue of the letters.
The letters said: “We note that the resolutions are identical to those proposed and voted down at the Annual General Meeting less than six months ago.
“In that vote, 45% of all Aegis shareholders voted against the two resolutions proposed, with 94% of the votes not controlled by Groupe Bollore being cast against. We regret that the company is being obliged to face the same resolutions again so soon.’
“We retain our previous view that the resolutions are not in the interests of the company’s shareholders as a whole and should be voted against. Board nominations by a shareholder who has significant influence at a direct competitor to the company are not appropriate, no matter how large that shareholder’s interest in the company.”
Lord Sharman, chairman of Aegis, said: “It is highly unusual for institutional shareholders to express their views so publicly, uniformly and clearly, well ahead of a vote.
“This reflects the strength of their feeling on the point of principle involved, as well as their frustration at the time and expense for all parties so soon after the Annual General Meeting.
“70% of our shares are in the hands of investors other than Groupe Bollore. We urge every one of these shareholders to follow the lead set by our largest institutions by voting to defeat these resolutions.”
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