London-listed investment vehicle AssetCo plc said on Thursday more than 99% of its shareholders have approved its plans to appoint Scottish fund management veteran Martin Gilbert as chairman and change its business strategy to the development “of an asset and wealth management business.”
Shareholders also approved the appointment of Peter McKellar as chief executive and deputy chairman.
Gilbert is former co-CEO of Standard Life Aberdeen (SLA) and McKellar is former global head of private markets at SLA.
On March 26, AssetCo said it plans to raise cash “to execute the new strategy of making strategic acquisitions.”
AssetCo said on March 26 the new strategy will focus on “acquiring, managing and operating asset and wealth management activities.”
On Thursday, AssetCo said: “AssetCo plc announces that at both its Annual General Meeting and General Meeting held earlier today, all resolutions proposed to the meetings were duly passed on a poll, with more than 99% of the votes cast in favour of each resolutions.”
McKellar said: “We are very pleased with the overwhelming support we have received from shareholders for our proposals, and we now intend to implement our stated strategy of developing AssetCo into an asset and wealth management business.”
On January 11, 2021, AssetCo said that a “concert party” of Martin Gilbert, Peter McKellar, various associates and funds managed by Toscafund Asset Management had acquired 29.8% of the issued share capital of the company at £4.75p per share.
AssetCo shares rose about 10% on Thursday to around £11.50.
On March 26, Asset Co said it would seek shareholder support “to disapply statutory pre-emption rights in respect of an amount equal to 100% of the existing share capital, to enable the company to raise cash to execute the new strategy of making strategic acquisitions and developing the business, while widening and strengthening the company’s shareholder base.”
The firm said on March 26 it would implement an annual bonus and long term incentive plan designed to “reward, incentivise and retain the company’s executive directors and senior management to deliver sustainable growth for shareholders.”