GREY:AIIFF - Post by User
Comment by
woolwichon Mar 15, 2015 10:12am
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Post# 23522568
RE:Does not take much to be a pain in their rear
RE:Does not take much to be a pain in their rearTrader35 is mostly correct. Five percent of issued shares required to requisition a special meeting but typically such meetings are about voting in a new Board so a slate of proposed candidates is part of the process. Unfortunately a notice period is mandated to ensure that all shareholders are notified of the meeting date, etc. In ARF's case the clock is likely ticking too quickly to intervene through the special meeting process.
For anyone who is interested I am told Huber Capital was approached with the idea of having them participate in a formal request for such a special meeting. Huber showed no interest even though the mutual fund portfolios in which they were holding ARF had already been significantly impacted by the decline in ARF's share price. Can only assume ARF senior management was providing 'encouraging' information about the company's future performance or that Huber had little interest in preserving value for its fund holders. Whatever the case this was but one more lost opportunity in possibly changing the course of events for ARF and its stakeholders.