Geneva, July 20, 2023 (GLOBE NEWSWIRE) --
Investor group NewGAMe and Bruellan publishes open letter to GAM shareholders
Letter outlines reasons why investors should delay any decision to tender to the Liontrust offer
Highlights multiple serious governance issues
Rejects GAM’s assertion that it is on the verge of collapse
Geneva, 20 July 2023 – NewGAMe SA, which is part of the investor group that also includes Bruellan SA (the “Group”) and controls approximately 9.6% of the issued share capital of GAM Holding AG (“GAM”), has published an open letter to GAM shareholders. The letter outlines why, regardless of whether they support NewGAMe’s turnaround plan or not, shareholders should delay making a decision over whether to accept Liontrust’s offer until as late as possible. The letter also highlights significant governance issues and responds to suggestions that GAM is on the verge of collapse.
On the Liontrust offer, the letter states: “Any investor that agrees the offer is not fair should… delay the tender decision to exert maximum pressure on Liontrust to extend the tender deadline beyond July 25 and improve the terms of the offer.”
On governance, the letter warns that if satisfactory answers are not provided to the questions raised by the Group by the August 25 EGM at the latest, a special audit (Sonderuntersuchung) will need to be put in place.
Finally, the Group objects to GAM’s assertion that it is on the verge of collapse. The letter reminds GAM shareholders that the company will benefit from a CHF 25m convertible bond and says: “GAM is fearmongering with shareholders by extrapolating the past and current losses (including AuM losses) into the future. This is not going to happen, whether under Liontrust’s management or NewGAMe’s turnaround plan.” Finally, the Group shares its expectation that GAM will have “excess liquidity ,,, of CHF 30m-40m” by 2025.
The open letter can be found here: https://newgam.ch/assets/downloads/Open_letter_to_GAM_shareholders.pdf
Media contacts
Sasha Johnson – FinElk
newgam@finelk.eu
info@newgam.ch
www.newgam.ch
Investor contacts
Okapi Partners LLC
North America: +1 212 297 0720
Europe: + 44 7597 370570
info@okapipartners.com
About NewGAMe
NewGAMe SA is a Geneva-based company owned by a number of investors with experience in the financial sector. It is controlled by Rock Investment, a French-incorporated entity that is owned by NJJ Holding, the personal holding company of Xavier Niel. Albert Saporta, a hedge fund industry veteran with 40 years’ experience in global financial markets, serves as the director of NewGAMe SA.
About Bruellan
Bruellan SA is an independent provider of global wealth management solutions. The company was founded in 1991 and is located in Geneva, Lausanne, Crans-Montana and Verbier.
