Hirco soars on Laxey defeat.
Investors Chronicle - magazine and web content, May, 2009
Byline: Claer Barrett
TIP UPDATE: Indian property developer defeats activist at AGM, and is 109 per cent up on our tip
Shares in Aim-traded Indian real estate developer, Hirco, soared 8 per cent on Wednesday when the company announced that shareholders had voted down proposals to oust the chairman and remove directors.
At an extraordinary general meeting called by activist investor Laxey Partners, which holds a 10 per cent stake, the resolutions were rejected by a substantial majority of the shareholder base. "We can now refocus Board and management attention on delivering shareholder value," said independent non-executive director, Douglas Gardner.
Having risen strongly to 115p since our buy tip (55p, 6 March 2009), Hirco's...
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