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LONDON - Thalassa Holdings Ltd (THAL.L) has reached an agreement with Newmark Security plc (NWT.L) regarding the reconstitution of Newmark's board of directors, according to a press release issued Wednesday.
Following what Thalassa described as "constructive developments," the company has agreed to withdraw its vote against the re-appointment of Mr. Yap to the Newmark board. The decision comes after Newmark announced proposed changes to its board structure in a separate announcement.
Thalassa, which is a shareholder in Newmark Security, stated it received assurances that the proposed board reconstitution would lead to closer alignment between management compensation and profitability attributable to shareholders.
"We welcome the proposed changes which, when successfully implemented, should lead to reduced costs, improved profitability, enhanced returns for shareholders and ultimately a re-rating of the Company's shares," said Duncan Soukup, Chairman of Thalassa Holdings.
The agreement appears to resolve tensions between the companies, with Thalassa describing its withdrawal of opposition as "a sign of compromise" and "a clear indication of our willingness to work constructively with the Boards of our investee companies."
Thalassa indicated it plans to work with Newmark's board "for the benefit of all NWT shareholders" following these developments.
The announcement comes amid ongoing efforts to improve governance and shareholder returns at Newmark Security, based on the press release statement.
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