IndoAgri directors who recommended lowball privatisation offer to seek re-election at AGM
Shares in IndoAgri have outperformed since minorities rebuffed offer, as parent group buys in the market; and any new offer will have to satisfy stricter SGX rules
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AT INDOFOOD Agri Resources' (IndoAgri) annual general meeting (AGM) scheduled for June 16, three of the four directors who recommended that minority investors accept the lowball privatisation offer from the company's parent last year will be seeking re-election.
As a minority shareholder of IndoAgri, I am inclined to vote against the resolutions to re-elect them.
To be clear, I am not suggesting that these directors broke any rules, or failed to scrupulously execute their duties. But they plainly do not recognise the underlying value that many shareholders of IndoAgri see in the company. They were persuaded last year by the advice of an independent financial advisor (IFA) that many minority investors found unconvincing.
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