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Fermi Inc on Monday claimed former Chief Executive Officer Toby Neugebauer has made ‘more false claims and inaccurate statements’ as it urged investors reject his consent solicitation. The real estate investment trust focused on data centres and a power grid development in Texas told shareholders to sign and return its white consent revocation card, in response to Neugebauer’s consent solicitation for a special meeting of shareholders, and to discard his green consent card. Fermi said Neugebauer is ‘attempting to claim he’s responsible’ for the firm’s ‘recent momentum’. ‘His objective is clear: seek to call a special meeting so he can attempt to replace the board and leadership team with his slate of hand-picked nominees so that he can orchestrate a quick sale of the company,’ Fermi said. Fermi said Neugebauer’s statement last Tuesday is ‘the latest example of a disgruntled and disorganised former CEO throwing everything against the wall to see what sticks’. Back in May, Fermi announced the termination of Neugebauer’s contract, citing ‘conduct in violation of the terms of such agreement and of company policies’. In its letter to shareholders last week, Fermi said that alongside misrepresentations to the board, he displayed a ‘pattern of conduct in violation of company policies,’ and that his behaviour ‘disrupted operations and threatened critical relationships with key stakeholders at a pivotal time’. Shares in Fermi were down 3.3% at $9.27 on Monday afternoon in London. The stock has fallen 69% since starting trading in London in October last year. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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