The request for an extraordinary general meeting of the board of Gresham House Strategic has been withdrawn following discussions and agreements with the fund's largest shareholder.
GHS, an independent alternative investment fund specializing in small U.K. and European companies, received a request late last month from its largest shareholder, Gresham House PLC, to hold an extraordinary general meeting to consider a number of proposals. GHS is part of Gresham House PLC.
Following discussions with the shareholder, GHS' annual general meeting will be brought forward to a date no later than July 26, from Sept. 14.
The shareholder had also requested that David Potter be removed as chairman and non-executive director, following an 18-year tenure. Mr. Potter's retirement was subsequently announced in May. A regulatory filing by GHS said a process is underway to identify a new chairman. If a chairman is not chosen by the annual meeting, Helen Sinclair will become interim chairwoman.
GHS also said Ken Lever, a senior independent director of GHS, will lead a planned strategic review of GHS "with a view to determining the best means of maximising value for all shareholders," the filing said. The review was announced May 24.
As part of the strategic review, GHS's investment manager, Gresham House Asset Management, was put on watch as a formality.
Also, on May 25, Richard Staveley, managing director, strategic public equity at Gresham House PLC, resigned after 20 months in the position. Details of his resignation — which was effective immediately — were not disclosed. Mr. Staveley was also one of the fund managers for the £58 million ($82 million) GHS fund.
