Clanwilliam backer Eli Global in US federal investigation
special dividend. Later in a revised statement it said that following discussions with Greencore management, it would only reject one resolution.
“Some investors agitate for changes in corporate structure... often our analysis of such changes does not support the conclusion that such structural changes are in the best financial interests of shareholders in the short or long-term,” Polaris said.
“We have decided to publicly announce our views in this instance to assist the advisers and other shareholders in their advice, analysis, and voting decisions. We also emphasise our strong relationship with Greencore management and the mutual respect we have for each other.”
Greencore said the sale “has received strong support from its institutional investors to-date”.
“The company continues to engage closely with shareholders in order to address any questions,” it added. A KEY financial backer of Irish private equity firm Clanwilliam Group has been embroiled in a US federal investigation.
Eli Global and its founder and chairman Greg Lindberg are subjects of an investigation relating to “drug offences, crimes against financial institutions, or money-laundering crimes” according to US media reports.
A spokesperson for Eli Global said the company was aware of the investigation. “We intend to co-operate with the government and provide information it requests. We are continuing to operate as usual, and our entire team is focused on serving our clients and businesses,” the spokesperson said.
There is no suggestion of any wrongdoing on the part of the Clanwilliam Group or any of its employees. Clanwilliam said it would not be affected by the investigation.
“We are not a subsidiary of Eli
Global LLC despite the fact that the two companies have a common shareholder/investor,” a spokeswoman for the company told the
Clanwilliam is cited among ‘portfolio highlights’ on Mr Lindberg’s personal website.
In the most recent Companies Registration Office Documents, he is listed as a director of Triton Financial Ltd, itself listed as the sole shareholder in Clanwilliam Headquarters Ltd.
Greencore CEO Patrick Coveney faces opposition to structure of US deal