BOSTON, Oct. 12, 2016 /PRNewswire/ -- Highfields Capital Management ("Highfields"), a value-oriented investment management firm, and a major shareholder of Delta Lloyd N.V. ("Delta Lloyd")(AMS: DL), commented today on the decision of the Dutch Enterprise Chamber not to initiate an investigation into the activities of Delta Lloyd management surrounding the Company's 2016 dilutive rights offering. Highfields had requested an inquiry due to, among other things, the misleading and incomplete information provided to shareholders leading up to the vote authorizing such rights offering at the March 16, 2016 Extraordinary General Meeting.
Said Highfields: "Though disappointed in the Chamber's decision, we feel strongly that the effort to hold Management accountable for its value destroying actions was an important one. We also note that the decision is not a determination that Delta Lloyd management acted properly or in the interest of shareholders. In fact, the rights issue notwithstanding, the Company's subsequent actions to dramatically improve its Solvency II ratio demonstrate that Management used unrealistic assumptions to frighten shareholders into supporting the unnecessary dilutive rights offering.
Furthermore, it is now apparent that prior to the EGM, NN Group N.V. ("NN Group") approached Delta Lloyd to explore a transaction that would benefit shareholders, and that Management refused to engage in discussions and concealed the NN Group approach from Delta Lloyd shareholders. We believe that had Management properly disclosed NN Group's interest, both the vote at the EGM and the outcome of the Enterprise Chamber proceedings would have been different."
About Highfields Capital
Highfields Capital Management is a $12 billion value-oriented investment management firm which manages private investment funds for endowments, charitable and philanthropic foundations, pension funds and other institutional and private investors. The Highfields funds invest worldwide in public and private companies across a wide variety of industries and security types. The firm was founded in 1998 and is based in Boston, MA.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/highfields-capital-comments-on-decision-of-dutch-enterprise-chamber-regarding-delta-lloyd-300343791.html
SOURCE Highfields Capital Management