AIM Rule 17 Schedule Two (g) Update
Impax Asset Management Group plc - AIM Rule 17 Schedule Two (g) Update
In accordance with Rule 17 of the AIM Rules for Companies, Impax Asset Management Group plc (the "Company") announces the disclosure under Schedule Two, Paragraph (g) of the AIM Rules for Companies.
The Company announced on 3 August 2017 that the Insolvency Service intended to commence proceedings against former trustees of Keeping Kids Company, known as Kids Company (the "Charity"). Vincent O'Brien, a non-executive director of the Company, is a former trustee of the Charity, who resigned approximately five months prior to the winding up order issued on 20 August 2015. In February 2021, the High Court ruled on these proceedings in favour of the trustees, namely that they should not be subject to a directors' disqualification order. The High Court Judge said in her public judgement that Mr O'Brien was:
"…assiduous in his work as Chair of the Finance Committee, frequently challenged [the CEO] and pointed out financial risks in the clearest terms."
The Company notes that the Charities Commission published a report on 10 February 2022 in relation to the Charity. The report notes that the Charities Commission has had regard to the High Court judgement and agrees with it that there was no dishonesty, bad faith, or inappropriate personal gain in the operation of the charity, however, it criticised the former trustees of the Charity in relation to mismanagement in the administration of the Charity. The report also states that the Charities Commission decided not to use its own power to bring disqualification proceedings against the trustees and Mr O'Brien was not personally named in the report.
LEI number: 213800AJDNW4S2B7E680
- Ends -
Enquiries:
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Impax Asset Management Group plc Ian Simm, Chief Executive Paul French, Director of Communications
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+44 (0)20 3912 3000 +44 (0)20 3912 3032 |
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Montfort Communications Gay Collins Louis Supple
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+44 (0)77 9862 6282 +44 (0)77 3943 0102 |
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Peel Hunt LLP, Nominated Adviser and Joint Broker James Britton or Rishi Shah |
+44 (0)20 7418 8900 |
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Berenberg , Joint Broker Alex Reynolds |
+44 (0)20 3207 7800 |
Notes to Editors - About Impax Asset Management
Founded in 1998, Impax is a specialist asset manager, with £37.9 billion as of 31 January 2022 in both listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable global economy.
Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.
The company seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long term.
Impax has ca. 220 staff across six offices in the United Kingdom, the United States, Ireland and Hong Kong, making it one of the investment management sector's largest investment teams dedicated to sustainable development.
For further information please visit www.impaxam.com .
Issued in the UK by Impax Asset Management Group plc, whose shares are quoted on the Alternative Investment Market of the London Stock Exchange. Impax Asset Management Group plc is registered in England & Wales, number 03262305. AUM relates to Impax Asset Management Limited, Impax Asset Management (AIFM) Limited, Impax Asset Management Ireland Limited and Impax Asset Management LLC. Impax Asset Management Limited and Impax Asset Management (AIFM) Limited are authorised and regulated by the Financial Conduct Authority and are wholly owned subsidiaries of Impax Asset Management Group plc. Please note that the information provided and links from it should not be relied upon for investment purposes.
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