Laxey and Livingstone brothers sign truce

Posted under General by Jermaine

Laxey Partners and Livingstone brothers decided to end their bitter battle and called off extraordinary general meeting. Laxey, with stake of 11.1 per cent in NR Nordic & Russia Properties, worth £225m, had convened extraordinary general meeting for public discussion on company’s performance and providing an opportunity to its share holders for voting on the company’s business direction. It was seeking Ian Livinstone’s removal from the board and appointment of Robert Ware the head of NR Nordic & Russia Properties’ Terra Catalyst Fund.

The two sides recently reached an agreement put forth by Laxey. According to the proposal, announced by NR Nordic & Russia, Robert Ware and Colin Kingsnorth, the chief executive officer of Laxey would join its board and the present member Kari Osterlund would retire at his own request. It was agreed to provide an option to shareholders to take back their capital and the board would not seek new acquisitions without shareholders’ approval.

The ex-Northern European Properties, now renamed as NR Nordic & Russia, was listed as a vehicle in June 2007, for investment in Nordic and Baltic property. Its manger was a subsidiary of London & Regional NR Nordic & Russia’s portfolio of £618m comprises Swedish office and industrial assets in Vasteras, a Swedish town.

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