Rebel shareholders succeeded with all their resolutions at the China Growth Opportunities Ltd EGM.
Rhys Davies and Brett Miller, managing director of Aim adviser Ruegg, have joined the board and Roy Leighton, Mark Huntley and Victor Ng have been removed. Richard Battey has resigned as a director leaving Simon Littlewood as the only other director.
The new board has to be approved by the Guernsey Financial Services Commission.
The new strategy was also passed by shareholders. “The investment objective of the Company is to manage the sale of the Company’s investment portfolio and to maximise the return of invested capital to Shareholders during the period ending on 30 September 2010” is the new wording. The new board will try and sell the investments of the fund.
The net asset value of the company was £47.2m at the end of September 2008, against a market value for the company of £6.63m. Even allowing for ongoing operating costs the underlying cash position should still be more than £5m.
The shares rose 0.25p to 13.25p a share.
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