Allco to Not Pursue Baycorp Board Seat

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00015393-allco-to-not-pursue-baycorp-board-seat/

By Matt O’Sullivan, The Age

ALLCO Equity Partners has withdrawn at the 11th hour an attempt to seek the appointment of four of its directors to the board of debt collection agency Baycorp Advantage.

Allco backed down on its push for change a day before Baycorp’s annual meeting yesterday, but is still seeking one seat on the board. Its resolutions had sought the removal of five of Baycorp’s eight directors, but lapsed yesterday when they were not moved by shareholders.

The investment company failed in its hostile takeover of Australia’s largest debt collection agency last month, letting its bid lapse because of a lack of interest from investors. It still holds a 17 per cent stake in Baycorp.

For this complete story, please visit Allco to Not Pursue Baycorp Board Seat.

Allco to Not Pursue Baycorp Board Seat

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About