Our votes count..
For shareholders to influence and maybe get involved in shaping the EEA Life Settlement Fund, we have to understand how we can exercise our vote and make a difference.
Currently shareholders may request the Directors to call a meeting, this should be done in writing, there is no template letter in the Articles.
A sensible approach might be to engage a local Guernsey solicitor to collate proxy voting instructions from holders based on draft resolutions to vote on.
A solicitor acting on shareholders behalf would then be able to represent us in person and put forward our proposal and vote %.
What can we request?
It seems most logical that the shareholders put forward a plan to either liquidate the company, at the very least a commitment to sell the remaining portfolio and distribute the resulting cash.
Special Resolutions are required to:
Remove the Manger, Custodian or increase the Maximum fees.
Winding up procedure
“The Company may be wound up when a special resolution is passed by the Company”
What % of NAV needs to Vote
“Shareholders representing not less than one-tenth of the Shares in issue may, in writing,
request the Directors to convene a meeting. The quorum for a general meeting for the purpose
of passing resolutions shall be two Shareholders entitled to vote present in person or by proxy
and holding not less than 5 per cent. of Shares for the time being in issue.”
but the Articles say for General Meetings..
“holding one twentieth of the Participating Shares for the time being in issue shall be a quorum for a meeting for the purpose of passing ordinary resolutions and special resolutions.”
and..
“Only Shareholders or their proxies may vote at general meetings of the Company. The
Management Shares do not carry any right to vote (except in relation to a resolution to
voluntarily wind up the Company or unless there are no Shares in issue in which case each
Management Share carries one vote).”
Summary
Written request for meeting
10% of NAV is required to request a meeting
5% of NAV is required to pass ordinary and special resolutions.
General Meetings and Voting
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