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WAM moves to replace Hunter Hall LIC board

By Reporter
2 minute read

Wilson Asset Management has taken steps to replace three members of the Hunter Hall Global Value board following the listed investment company's rejection of a share buyback proposal.

In an email to stakeholders, Wilson Asset Management (WAM) chair Geoff Wilson announced the company had lodged three independent directors' consents to nomination for election as directors of the listed investment company, naming Kym Evans, Emma Davidson and Glenn Burge as the company's preferred picks.

WAM previously requested Hunter Hall Global Value (HHV) buy back its shares at net tangible asset value, which was subsequently rejected by the HHV board – a decision WAM described as "illogical and incorrect". 

"As you may be aware, we are moving to ensure HHV shareholders are provided with the choice between realising fair value for their investment or remaining invested in the company with improved corporate governance, capital management, dividend payments and shareholder engagement," Mr Wilson said.

"Today, we took a step towards achieving this outcome."

Mr Evans is a corporate lawyer who has worked in legal services for more than 20 years, working in a private practice in Sydney and New York before moving into legal and business roles within the finance and telecommunications sectors.

Ms Davidson has worked as a global investment adviser for 17 years, holding senior positions with a number of London-based investment banks, most recently UK head of cross asset sales at Citigroup.

Mr Burge was a senior finance and business journalist with a career spanning more than 30 years, during which time he held multiple senior roles including editor of the Australian Financial Review and executive director of The Sydney Morning Herald.

"We believe a new, independent board consisting of these independent directors will provide HHV shareholders with what is fair and equitable. We have received countless calls from HHV shareholders who share this view," Mr Wilson said.