|
abrdn European Logistics Income PLC’s largest shareholder on Friday said it continues to object to its managed wind-down as it responded to the company’s decision not to convene a general meeting. DL Invest Group PM SA, which holds close to 18% of abrdn European’s issued share capital, called on the property investor to temporarily pause further asset disposals, refrain from taking decisions of an ‘irreversible nature’, and convene a general meeting. The letter is in response to abrdn European’s announcement on Wednesday, in which it said that completing the wind-down ‘is in the best interests of shareholders as a whole.’ On Friday last week, Poland-based developer DL Invest published an open letter calling for the wind-down’s immediate suspension. In July 2024, abrdn European Logistics Income shareholders had voted ‘overwhelmingly’ to adopt the managed wind-down process in July 2024 after ‘extensive consultation’, and it said on Wednesday that it remains committed to delivering this strategy. However, DL Invest said the decision was made in a different market environment and with a different shareholder base. ‘In these circumstances, the continued disposal of assets at levels which appear unlikely to reflect long-term market value without providing shareholders with the opportunity to consider alternative strategic options, is inconsistent with UK best practice in corporate governance and with the board‘s duty to exercise proper care and diligence in the interests of all shareholders,’ DL Invest said on Friday. It added it remains ready to ‘engage in immediate dialogue’ with abrdn European’s board. Shares in abrdn European fell 0.7% to 25.64 pence on Friday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
