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AVI Urges Appointment of New TPIL Director
[January 18, 2022]

AVI Urges Appointment of New TPIL Director

AVI, manager of the £1.3bn AVI Global Trust (AGT) and three other Shareholders, together representing over 18% of TPIL's ordinary shares, requisitioned the board of TPIL on 18 January 2022 requiring the Board to convene an EGM at which Shareholders will be asked to vote on a resolution to appoint Richard Boléat as a new independent director of TPIL.

Tom Treanor, Executive Director, Asset Value Investors, comments: "What began as a dispute over discount control mechanisms has, through the actions of the Board, exploded into a fully-fledged corporate governance crisis. In the words of one sell-side commentator, it is now 'a battle for the soul of investment trusts' governance'".

Richard Boléat is an independent director specialising in hedge, private equity, and debt funds, SPVs, and investment management groups. He has deep experience of the London-listed investment companies' market and a reputation for adhering to and promoting sound corporate governance principles. For the avoidance of any doubt, Richard has no current or historic affiliations or relationships with any of the Requisitioning Group, nor any conflicts that would prevent him taking on the role.

AVI published today an open letter to Shareholders providing a full background for our requisition. The letter can be read here.

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