(Alliance News) - Crystal Amber Fund on Wednesday said it has withdrawn requisition of a general meeting of Allied Minds PLC, a intellectual property commercialization company.
"In light of Allied Minds' appointment to its board of Mark Lerdal, the director candidate proposed by the Fund and the other announced changes to the Allied Minds board and to executive compensation, the Fund has formally withdrawn the requisition notice," the activist investment fund said in a statement.
Richard Bernstein, investment adviser to Crystal Amber Fund, said: "We are pleased that the Board of Allied Minds has engaged with us and the outcome of this process is an acknowledgment that Allied Minds can do more to maximise the realisation of shareholder value. We are also encouraged about the progress we believe can now be made in this regard."
Shares in Allied Minds closed 0.1% lower at 45.00 pence each in London on Wednesday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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