MCH Group invites to Extraordinary General Meeting in Basel at the end of January
The trade fair organizer MCH Group will hold the extraordinary general meeting requested by a group of shareholders on January 29, 2020, in Basel. However, the Board of Directors will propose to the general meeting that all motions submitted by the AMG Group be rejected. MCH announced this on Thursday.
AMG Fondsverwaltung as representative of the AMG Group, consisting of Ursula Lee, Erhard Lee and LLB Swiss Investment, had requested that the AGM be convened (Werbewoche.ch reported). The three agenda items to be dealt with include "Initiation of a special audit on strategy", "Disclosure of business records" and "Amendment of the Articles of Association".
The group around AMG does not agree with the new strategy of the trade show operator, which among other things includes the sale of the service business (Live Marketing Solutions). According to official information, the AMG fund itself holds 9.91 percent of the shares at last count.
Although the AMG Group has not submitted a request for information, the Board of Directors will also accept the 39 individual questions submitted on strategy as requests for information and answer them at the latest at the Extraordinary General Meeting, MCH announced on Thursday. The Board of Directors is convinced that this approach will enable it to fully satisfy the legitimate information interests of all shareholders. This should make the requested disclosure of business records and the initiation of a special audit on strategy unnecessary, it added.
The MCH Group has been struggling for some time with the dwindling interest of exhibitors and visitors to attendance exhibitions and, following the withdrawal of the Swatch watch group from Basel World, has had to restructure the business and make write-downs, resulting in red figures. (SDA)
