Yesterday judge Anick Wolff of the Luxembourg court of commerce rules that the shareholders of LFP1 Equity Power Fund (EPF) are fully in their right to demand an exceptional general meeting. During this EGM the shareholders want to dismiss the current board of directors. The court has ruled in favour of the shareholders and appointed an administrator to convene the EGM.
This court ruling comes at the end of a one and a half year battle between the majority of shareholders of EPF, requesting an EGM and the board of directors refusing to convene one. The majority of the shareholders are holding the current two directors and David Mapley liable for mismanagement in the fund and seek 41 million euro in damages from the trio.
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