JSM Indochina Retaliates Against Activist Investor Passport Capital
| October 26th, 2009 | ||
| JSM Indochina, an Aim-listed property fund that primarily invests in retail and residential properties in Vietnam and Cambodia, is defending itself against criticism from investors stemming from the contents of a letter from Passport Capital demanding an extraordinary general meeting. Passport Capital, a US-based hedge fund that holds around 13% of JSM’s outstanding shares, wants to replace JSM’s directors with its own nominees citing reasons from underperformance to lack of transparency. The Financial Times reported that JSM’s board plans to publish a defense letter Monday that will dispute Passport’s claims. Shareholder activism has been intensifying in the real estate sector due to mounting losses caused by the global real estate downturn. | ||
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For Detailed Investor Profiles on these Investors, click below: |
Newland Capital Management |
Passport Capital LLC |
Related People: Andrew Seligson;
Related Entities: Balyasny Asset Management*;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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