Invesco denies Omega boardroom coup

Invesco has denied that it is seeking to mount a boardroom coup at Omega.

In the latest twist in the row over the future of the Bermuda-based insurer, Omega has issued a statement to the stock exchange.

It says that Invesco has denied that it has “picked” the six proposed directors who are due to be voted on at the special general meeting scheduled for March 12th.

It goes on to say that it is Omega’s joint broker Cenkos Securities plc and not Invesco which has been “pushing for changes in the Omega’s board”. In addition, according to the statement, it was “not Invesco’s idea to convene a special general meeting,” but that it had been asked to do so by Cenkos because such a requisition needed to be made by a company owning at least 10% of Omega’s shareholding.

“Invesco stated that it has requested that shareholders be given an opportunity to vote on changes to the board of Omega, which Invesco supports, but that it has not "pushed" any other shareholders to vote in favour of the proposed changes.”

Last week, Omega’s board said that the proposed make up of the board was “contrary to several important principles of good corporate governance” because of the nomination of three partners at Cox Hallett Wilkinson, a law firm retained by Invesco.

And in a report, due to be published in this week’s Insurance Times, investment adviser PIRC has recommended voting against the proposed new board on similar corporate governance issues.