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  • Bloomberg IHC Shareholders Vote To Replace Board As OUE Buys 208m Shares 24 Jan 2017

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    Sixty nine percent of IHC shareholders voted to remove the entire board, consisting of four directors, and replace them with three new directors due to pressure from activist hedge fund Quarz Capital Management. Additionally, OUE Investments bought 208 million shares of IHC, putting its stake in the company at 12.5%, according to an SGX filing. IHC requested a trading halt this morning following these developments.

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    Bloomberg IHC Shareholders Vote to Replace Board as OUE Buys 208m Shares 24 Jan 2017

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    Bloomberg IHC Shareholders Vote to Replace Board as OUE Buys 208m Shares 24 Jan 2017

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    Sixty nine percent of IHC shareholders voted to remove the entire board, consisting of four directors, and replace them with three new directors due to pressure from activist hedge fund Quarz Capital Management. Additionally, OUE Investments bought 208 million shares of IHC, putting its stake in the company at 12.5%, according to an SGX filing. IHC requested a trading halt this morning following these developments.

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    91 views1 page

    Bloomberg IHC Shareholders Vote To Replace Board As OUE Buys 208m Shares 24 Jan 2017

    Uploaded by

    pmoerzh
    Sixty nine percent of IHC shareholders voted to remove the entire board, consisting of four directors, and replace them with three new directors due to pressure from activist hedge fund Quarz Capital Management. Additionally, OUE Investments bought 208 million shares of IHC, putting its stake in the company at 12.5%, according to an SGX filing. IHC requested a trading halt this morning following these developments.

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    of 1

    24/01/2017 00.

    58 AM SGT

    IHC Shareholders Vote to Replace Board as


    OUE Buys 208m Shares
    (Bloomberg) -- Sixty nine percent of shareholders voted to remove entire board, consisting of executive Director
    Lim Beng Choo, Chairman Lim Thien Su and two more directors, according to SGX filing.
    They will be replaced by Tan Chade Phang, Sho Kian Hin and Tay Eng Kiat. Shareholders are supported by
    activist hedge fund Quarz Capital Management Ltd. which on Jan. 13 published a letter to the board saying the
    firm is "deeply undervalued" and poorly run.
    OUE Investments bought 208 million shares at S$0.077 per share, putting companys stake in IHC at 12.5%,
    according to SGX filing yesterday.
    NOTE: OUE is controlled by Executive Chairman Stephen Riady, the son of Lippo Group founder Mochtar
    Riady.
    IHC requested a trading halt this morning.
    Klaus Wille

    Page 1 / 1

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