Crowd for Angels (UK) Limited (CFA or the Company) notes the statement from Eight Peaks Group on 30th April 2019 and the Circular to shareholders regarding the proposed cancellation of admission to trading on AIM. CFA currently holds 546,840 shares in Eight Peaks Group, giving the Company a stake of just over 3%.
Having taken into account the contents of the Circular, Crowd for Angels confirms that it will be voting AGAINST all resolutions proposed at the General Meeting to be held on 16th May 2019.
In particular, the Company has great concerns over Resolution 1 (the Cancellation Resolution) that, in Eight Peaks own words, if passed, will result in there being no formal market mechanism enabling Shareholders to trade Eight Peaks Ordinary Shares. Given the limited and vague information provided in the Circular, the Company has no confidence that the Directors of Eight Peaks have any desire to put in place an alternative trading facility if the cancellation resolution is passed.
The Company recognises that AIM has its liquidity drawbacks. Regardless, it believes that the cancellation of the listing will result in either no trading facility being available to Shareholders or a highly illiquid “matched bargain” facility being offered, which will significantly reduce or even eliminate the liquidity currently offered on AIM. With only modest cost savings expected from the proposed cancellation the Company believes that the Cancellation Resolution is not in the best interests of Eight Peaks shareholders.
Crowd for Angels therefore encourages fellow shareholders to vote against the proposed resolutions. Private shareholders with shares held in nominee accounts are encouraged to contact their stockbroker to instruct them to vote against the resolutions. For further information or to contact us email [email protected]