Impax Environmental urges shareholders to vote against Saba proposals

(Alliance News) - Impax Environmental Markets PLC on Friday said it is unable to recommend the appointment of Saba Capital Management LP's nominated directors.

The London-based investor of companies mitigating environmental risks said both its annual general meeting and a requisitioned general meeting by Saba will be held on June 17.

Saba has proposed to remove IEM's current board and appoint its own nominees instead. Saba has proposed electing Caroline Bault, Steven Grey, Jason Chen and Aaron Morris as new directors.

IEM Chair Glen Suarez said: "The proposed directors have not offered any biographical information, nor any information on their intentions or strategic plans for the company, should they be appointed.

"In these circumstances, the board is unable to recommend the resolutions proposed by Saba for the appointment of its nominees and recommends that Shareholders vote in favour of the re-election of each of the current directors."

Suarez added: "It should be noted that 80.5% of shares were tendered by non-Saba shareholders in the exit tender offer, as shareholders faced the prospect of a Saba-controlled vehicle. Our priority remains to act in the best interests of all shareholders."

IEM noted that the share register has "changed dramatically" since the exit tender offer, with Saba's declared interest at 31%.

"Even so, we still think it is important to urge Shareholders to vote in favour of the AGM resolutions and vote against the Saba resolutions, to continue to have the same high levels of rigour and corporate governance standards for the next chapter for the company," IEM said.

Shares in Impax Environmental Markets were up 0.6% at 453.87 pence on Friday morning in London.

By Michael Hennessey, Alliance News reporter

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