At MCH Group, shareholder group calls for extraordinary AGM
The trade fair operator MCH Group, which owns Messe Zürich among other properties, is heading into turbulent times. A group of major shareholders, represented by AMG Fondsverwaltung AG, is calling for an extraordinary general meeting, MCH announced on Wednesday.
According to the information provided, the major shareholder is demanding in particular that the initiation of a special audit on strategy be put on the agenda. It is also concerned with the disclosure of accounts and the amendment of the Articles of Association.
The group represented by AMG fulfills the requirements to be able to request an extraordinary general meeting, the statement continued. According to the official information, the fund itself most recently held 9.91 percent of the shares.
The Board of Directors of the MCH Group is now examining the requests and will provide information on how to proceed before Christmas.
"Not at all in agreement"
The move comes as no surprise. At the weekend, AMG owner Erhard Lee said in an interview with The Market announced such a request. This is because he "does not agree at all" with the new strategy.
The trade fair operator announced in September that it was examining the sale of its service business. Specifically, this relates to the "Live Marketing Solutions" division, which offers strategy consulting and the construction of trade fair pavilions, among other things.
"On the contrary, we are of the opinion that MCH Group needs to expand the 'Live Marketing Solutions' division," explained AMG CEO Lee in an interview. "This business has simply not been managed properly so far."
In the interview, Lee described the new strategy as a "purely political decision". Political representatives, who made up the majority of the MCH Board of Directors, had decided that the use of the exhibition halls should be secured first and foremost. "Otherwise, the city of Basel in particular would have a problem," said Lee. (SDA)
