Impax Environmental Markets Plc (LON:IEM) will hold its Annual General Meeting today at 10.45 a.m. at the offices of Dentons UK and Middle East LLP at One Fleet Place, London, EC4M 7RA. The AGM will be followed by a meeting requisitioned by Saba Capital Management L.P. at which they are seeking to replace the whole Board with their nominees.
The final results of the voting on all resolutions proposed at the AGM and the RGM will be announced via the Regulatory News Service later today.
Based on the latest voting information it is expected there will be insufficient votes in favour of the resolutions relating to the re-appointment of the five independent directors standing for re-election. It is also expected that the resolutions to appoint the four Saba nominees to the Board will be approved by the requisite majority.
Accordingly, subject to confirmation of these results later today, Glen Suarez, Aine Kelly, Stephanie Eastment, Guy Walker and Elizabeth Surkovic will cease to be directors of the Company with effect from the end of the RGM. At the same time, subject to confirmation of the results, Caroline Bault, Steven Grey, Jason Chen and Aaron Morris will be appointed as directors of the Company.
Glen Suarez, Chairman of Impax Environmental Markets plc, commented:
“At last year’s AGM, the overwhelming majority of Shareholders voted in favour of the Company’s continuation. Since then, performance has improved considerably, with the Board’s recent initiatives beginning to yield tangible results. By January 2026, Saba’s stake in the Company had increased to over 20% and it became apparent that its objectives were fundamentally incompatible with the vast majority of IEM’s other Shareholders. To resolve this, we engaged with Shareholders who made it abundantly clear they did not want to find themselves trapped in a vehicle controlled by Saba.
“The Board made every effort to resolve this situation constructively, offering Shareholders including Saba a Continuation Tender Offer at close to NAV, contingent upon Saba’s full participation. Regrettably, Saba refused to accept this unless conditions that were wholly unrealistic were met. As a result, we offered all Shareholders the option of an Exit Tender Offer at close to NAV, ensuring they had a choice to avoid being trapped against their will. Some 80.5% of non-Saba Shareholders chose to exit the Company. We are satisfied that we gave all Shareholders the option of getting out at close to NAV.
“And here we are today, with the outcome unfolding exactly as the Board anticipated. Saba, a single minority shareholder, has, effectively taken control of the Company due to the peculiarities of the UK regulatory regime and UK company law.
“I want to sincerely thank all our Shareholders who engaged with us throughout this challenging period, and those in the media and the wider industry who have raised their voices on behalf of retail investors. We are grateful for that support. Many thanks too to my fellow Board members for their dedication and tireless efforts throughout this period. It has been a privilege to serve this Company and its Shareholders. We remain proud of IEM’s legacy of supporting environmental markets and delivering sustainable growth. We wish everyone well for the future of the Company, not least the new directors.”
