Elliott Advisors (UK) Limited Issues Statement About Akzo Nobel N.V. Rejection of EGM Agenda Item
AMSTERDAM, LONDON and NEW YORK, April 12, 2017 /PRNewswire/ —
Elliott notes with concern that Akzo Nobel stated the following in its press release of this morning:
“The view of the Supervisory Board is that the removal of Mr. Burgmans would be irresponsible, disproportionate, damaging and not in the best interest of the Company, its shareholders and other stakeholders. Thereforethe proposed agenda item to remove Mr. Burgmans will be rejected.“
Elliott views Akzo Nobel’s position rejecting the agenda item as inexplicable. Shareholders have a legal right under Dutch law to put a proposal to dismiss Mr. Burgmans onto the EGM agenda. To the extent that Akzo Nobel refuses to put this item onto the EGM agenda, Elliott intends to use its recourse to the Dutch Courts, including the Enterprise Chamber.
Elliott Management Corporation was founded in 1977 and has one of the longest track records of any private investment fund manager operating today. Employing a multi-strategy trading approach, the firm manages approximately USD 32 billion in two funds for a range of investors, including pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Management, which is headquartered in New York, has approximately 400 employees worldwide, with offices in the U.S., London, Hong Kong and Tokyo. The firm’s principal objective is to generate a return which is as high as is consistent with a goal of minimizing losses during adverse financial market periods.