Jan 24, 2020
RAMcap has a modest position of 2 million FIG. Our investment is approximately $100,000.
FIG has announced its intention to convene an EGM to approve a voluntary winding-up. The FIG directors assert that a liquidation will provide ‘a clear and certain outcome for Shareholders’.
It is highly unusual that FIG shareholders will be voting without the benefit of a balance sheet. There has been no indication of when a liquidation dividend could be paid. There is no indication of the quantum of this dividend.
RAMcap believes that a liquidation – a process governed by statute – will be drawn out, that funds will be consumed in unnecessary investigations into ‘ other issues’ with the consequence that the eventual dividend will be pitifully small …if there is a dividend.
RAMcap will request its custodian to vote NO at the EGM on the 21st February.
We invite all FIG shareholders to do the same.