(recasts, adds information from ACP Mezzanine statement)
LONDON (Thomson Financial) - ACP Mezzanine Ltd. said it has noted the EGM
requisitioned by parent company ACP Capital Ltd. to remove certain of its
directors.
ACP Mezzanine said ACP Capital has called the EGM in a bid to remove Derek
Vago, Eric Youngblood and Christophe Tanghe as directors of the company with
immediate effect.
Vago, Youngblood together with Nikolaj Larsen were removed as directors of
investment manager ACP Capital at an EGM on July 17, which had been ultimately
called by QVT Fund LP. and Quintessence Fund LP., who hold 55 million shares in
the company.
However ACP Capital said the former directors have indicated they will not
voluntarily resign from their positions as directors of various group companies,
including ACP Mezzanine.
In addition, ACP Mezzanine said ACP Capital is calling for the appointment
of John Chapman, Patrick McCann and James Lowenstein as directors of the company
ACP Mezzanine, which is 54.17 percent owned by ACP Capital, said it would
update shareholders in due course.
ACP Capital also said Friday it is not entering the proposed 5-year
management agreement with GCI Management AG, announced June 20. The deal was
subject to GCI obtaining the relevant supervisory board consents, which ACP
Capital said have not been received.
It added it would not enter into any material transactions while it
completes its internal review process.
TFN.newsdesk@thomson.com
jag/jag
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