In a letter, the Board of Directors of Novavest Real Estate clearly opposed the demands made by minority shareholder Caceis on behalf of the MV Immoxtra Switzerland Fund. The company announced on Friday that it would vigorously resist any attempt at a «hostile takeover.»

The fund’s criticism of the company's management was rejected. The Board of Directors pointed to the «successful» merger of Novavest with SenioResidenz, which took place only in June. The three Board members whose dismissal is now being demanded were re-elected or newly elected to the Board at the ordinary and extraordinary general meetings in March and May 2024, respectively, with approval rates of over 99 percent, the company emphasized.

Jeopardizing Goal Achievement

The demanded replacement of the Board majority during this crucial transitional phase threatens the achievement of the strategic objectives of the merger, thereby harming the interests of the company and all its stakeholders.

With the invitation to the extraordinary general meeting, the company will provide detailed information on the status of Novavest's ongoing realignment. The newly composed Board is currently working on developing the strategic goals and governance of the newly merged organizational structure. This also includes reviewing the leadership structure at both the Board and executive management levels. «The synergies identified in advance of the merger have been continuously implemented since the merger's completion in June 2024.»

Three Out of Five to Be Replaced

MV Immoxtra holds a 15,24 percent stake in Novavest Real Estate. The fund intends to have Board members Thomas Sojak, Stefan Hiestand, and Daniel Ménard removed at the extraordinary general meeting, proposing Cyrill Schneuwly, Ueli Kehl, and Roland Vögele as their own candidates. Additionally, changes to the capital band are being demanded. The primary justification for these demands is the unsatisfactory share price performance.