INDIAN FILM COMPANY - Disgruntled shareholders haven’t actually elaborated on what they intend
I find it somewhat strange that the material shareholder (Altima Indian Master Fund) proposing the removal and replacement of 2 of the current Directors of the AIM quoted Indian Film Company hasn’t actually provided a full ‘formal’ explanation of reasons for suggesting this ‘drastic’ course of action. Altima has formed the IFC Requisition Group (‘IFCRG’) to engineer this, currently claiming the support of 32% of the shareholders.
The current board on the other hand has posted a circular to shareholders providing a full explanation as to why they don’t consider the rebel’s proposals to be in the best interests of the company and shareholders. Altima has complained that the returns received by IFC have not materialised into returns for shareholders – welcome to the stock market of 2008/09 boys! IFCRG plans a “review of the business, including an assessment of past performance and future strategy” if its resolutions are passed. Well that really tells us a lot! The group only floated on 18th June 2007 with funds…