INDUSTRY NEWS: Results of MCH Group Extraordinary General Meeting

Last month we reported that James Murdoch, through his investment firm Lupa Systems LLC, had been talks to take a 30-44% stake in the MCH Group and become an “anchor shareholder”.

An Extraordinary General Meeting (EGM) was announced for August 3, 2020, during which the Board of Directors would propose a number of measures relating to restructuring, Lupa Sytems, and other matters (go to the previous post for details).

It has now been held, with 848 shareholders (91% of the nominal share value) voting on the Board of Directors’ proposals. With more than 70% in favour, Lupa Systems LLC is now able to hold up to 49% of the shares, and capital increases of up to CHF 104.5 million have been approved. James Murdoch, Jeffrey Palker and Eleni Lionaki are now on the Board of Directors as new members. The changes to the Statutes relating to the future composition of the Board of Directors and the abolition of the restriction on voting rights were approved with more than 95% of votes in favour.

To read the full press release, go to this link.

Since the July 2020 announcement, things have been busy for both the MCH Group and its new investor, with Baselworld having been re-branded as HOURUNIVERSE and James Murdoch’s resignation from the Board of News Corp.

Categories: Baselworld 2021, HOURUNIVERSE 2021, Switzerland, watches

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