Monsoon moves to smoke out opposition
Letters seek to identify opponents
October 21 2003
Monsoon has written to nine shareholders asking them to identify the size and ultimate owners of their stakes in the business.
The fashion retailer has issued the Section 212 notices, which under the Companies Act require shareholders to disclose beneficial ownership, in an attempt to identify the rebel shareholders trying to block plans by founder and chairman Peter Simon to move the business off the stock market.
The shareholders identified include Deutsche Bank, Morgan Stanley, Goldman Sachs and hedge fund Polygon, which holds a stake through contracts for differences with Deutsche.
Monsoon’s wants to move to the AIM market after the Simon family built up its stake in the business to 75.5 per cent. Shareholders speaking for about 15 per cent of the company have written to the Financial Services Authority urging it to re-examine the plan.
Monsoon argues that opponents are hedge funds which have no interest in the long term viability of the retail group, but are simply angling to get an increased offer for their stake.
