In the battle for GAM, the investor alliance has presented a catalog of measures for the turnaround of the Swiss fund company to be implemented in 100 days.
An investor alliance, which includes NewGAMe and Bruellan, published a 100-day plan with measures to be taken in the initial phase of a turnaround of the Swiss fund company GAM.
The plan is to be implemented after GAM's annual general meeting on August 18, according to a media release Thursday evening. It includes a 25 million Swiss franc ($28.5 million) convertible bond to be issued in a private placement.
Stakeholder Involvement
The bond will be fully backed by members of the board of directors, NewGAMe, and key shareholders and will have a maturity of five years, according to the investor presentation. The bond is significantly less dilutive than the Liontrust transaction, it says.
It will also involve stakeholders to stabilize the business and provide necessary security to clients, fund managers, and employees.
«A successful turnaround can generate significant upside for all shareholders. We urge investors not to tender to the dilutive and value-destructive Liontrust offer,» said Bruellan CEO and Partner Antoine Spillman. Should the investor alliance prevail, he is the group's proposed chairman for GAM.
