Sunday, 29 March 2015
Last updated 1 day ago
Mar 12 2012 | 2:32pm ET
A lot goes into successful shareholder activism—and none of it, apparently, is more important than dotting i's and crossing t's.
Such is the lesson of Octavian Advisors' failed bid to throw out the directors of German medical and electronics products manufacturer Balda AG. Last month, the hedge fund's candidates for the board were defeated—narrowly, according to Reuters. It seems that Octavian failed to properly vote all of its own 8.3% of Balda's shares in favor of its own candidates.
Octavian admitted that a clerical error prevented its votes from being counted, although it did not offer any further details. "There was apparently a clerical error at the extraordinary general meeting chaired by [Balda Chairman] Mr. Naschke," and Octavian spokesman told Reuters. "That does not change the fact, however, that Octavian's proposal received overwhelming support from shareholders who are not affiliated with Michael Chiang."
Chiang is Balda's top shareholder—and a top shareholder of touchscreen manufacturer TPK Holding, in which Balda owns 16.1%. Octavian has pushed Balda to sell that stake, arguing that the company is bending to Chiang's will.
For its part, Balda said its board members were reelected "with a clear majority" and denied that there were technical mistakes at the extraordinary general meeting.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…