Infrastructure India Plc (IIP), the London Stock Exchange-listed investment company focusing on Indian infrastructure assets, received a boost, when shareholders gave thumbs down to a resolution proposed by Advance UK Trust, a shareholder. In an extraordinary general meeting (EGM), shareholders, representing 85.7 per cent of the total votes cast and 69.4 per cent of the issued share capital, voted down the proposal.
Advance UK Trust had proposed the resolution to replace three of the four directors of IIP — Rupert Cottrell, Prodaman Sarwal and Timothy Walker — with John Bourbon and Geoffrey Miller. Advance UK holds 10.1 per cent stake in IIP. The rift between the IIP board and Advance UK appeared after the former did not consult its shareholders and investment advisors before lining up investments in transport and logistics sectors. IIP replied to the board meet call only after three months.
IIP raised an infrastructure investment fund in 2008 through an initial public offering in Alternative Investment Market (AIM). It invested Rs 110 crore in Shree Maheshwar Hydel Power Corporation in June 2008 and Rs 96 crore for a 26 per cent stake in Western Madhya Pradesh Infrastructure and Toll Roads in August 2008. “The board reiterates its desire to move the company forward in carefully measured steps and will remain focused on delivering increasing returns to its shareholders,” said Rupert Cottrell, chairman of IIP.
