Carrousel is interested in 33,151,853 ordinary shares of 1p each in the capital of the Company, representing 14.
For more information: Bruno Sangle-FerriE re, Carrousel Capital: +44-20-7493-6518, Stuart Leasor, M: Communications: +44-7703-537721
The Board believes that Carrousel
wishes to exert a strong influence over the
The Board has stated: What does Carrousel want with the Company?
The Board has carried out a corporate review, the findings of which have not been made available to shareholders, despite specific requests from Carrousel and possibly other shareholders.
Carrousel believes in principle that all shareholders will beneft from the fund's continuing ability to buy back shares.
a recent interview with the chief executive of Carrousel that appeared in
Historically, through its arbitrage activity, Carrousel has realised its
conversations with Carrousel in order to understand what Carrousel's objectives
exchange of correspondence between Carrousel and the Company and it became
was the first formal request by Carrousel for Board representation by named
At the same time Carrousel also made it clear that it had wider
Carrousel's withhold campaign primarily focused on actions taken by the Fund's board of directors that Carrousel believed did not reflect good corporate governance and on the Fund's double-digit discount to net asset value.
Carrousel has not made any determination as to whether it intends to take any action at the Fund's 2005 annual meeting, including seeking to nominate directors.
CONTACT: Bruno Sangle-Ferriere of Carrousel Capital Ltd.