Advance UK response to Infrastructure India

 

TIDMADU TIDMIIPW 
 
RNS Number : 3306I 
Advance UK Trust PLC 
09 March 2010 
 

Advance UK notes that Infrastructure India PLC has finally responded to our 
request to convene a meeting to change Infrastructure India's Board of 
Directors. Our request was received by them on 14 December 2009. We expected 
them to send out notice of the meeting within 21 days. However they dragged out 
the process for almost three months. We believe their failure to respond 
promptly to a shareholder request is ample evidence, if any were needed, that 
this Board is the wrong one for Infrastructure India. 
 
Our action in requisitioning this meeting was not designed to generate a 
short-term profit for ourselves but was borne out of our longstanding commitment 
to tackle the problems of investment companies like Infrastructure India and 
thereby generate value and liquidity for all shareholders. The Board though aims 
their arguments squarely at us and, in particular, the document make constant 
reference to Advance UK's liquidation vote but fails to mention that we will be 
able to hold onto our shares in Infrastructure India for up to 12 months after 
the date of our liquidation vote; we will not be a forced seller of our shares. 
 
The document makes reference to the existing directors' "wealth of experience" 
and implies that the Board's ousting of Bloomsbury Asset Management was designed 
to save the Company money. We believe however, that shareholders invested in the 
Company to gain access to the expertise of Bloomsbury, the directors were 
appointed to safeguard shareholders' interests not to seize control of the 
Company and take it off in a new direction. 
 
The directors have the support of one large shareholder; we believe that all the 
other major shareholders are frustrated with the small size of the Company, the 
high overheads, directors that ignore shareholders and the share price. They do 
not want a dilutive share issue. They do not want new investments that will take 
many more years to mature. The proposed new Board is ready to tackle the 
Company's problems and is happy to discuss the future of the Company with 
shareholders. 
 
Contact James Carthew on 020 75665531 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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