EGM requisition at Rapid Realisations

11th Jun 2010 17:53

Damille Investments, which acquired 10m shares in Rapid Realisations Fund Ltd at the end of May, has requisitioned an EGM at the AIM-quoted investment company. Damille wants Rhys Davies and Brett Miller appointed to the board and for the investing strategy of the company to be changed so that assets are realised. Davies and Miller, who are directors of Damille, were appointed to the EIH board last month to carry out the same strategy at the AIM-quoted, India-focused investment company. They are already carrying out a realisation strategy at AIM-quoted China Growth Opportunities Ltd. The new policy would "maximise the return of invested capital to shareholders during the period ending on 30 September 2013" and Rapid will not make any new investments. Another resolution reduces the maximum amount payable to the board from £150,000 to £80,000 a year. No director would be able to receive more than £15,000 a year, except for the chairman who could earn up to £20,000 a year. Rapid says that it will consult with its shareholders.