Cascade, an investment vehicle controlled by the investor family Hastor, had submitted counter motions prior to the AGM with regard to the removal of three members of the Supervisory Board, the issue of a vote of no-confidence in the Executive Board as well as the inquiry and assertion of compensation claims against the Executive Board and Supervisory Board members. At the AGM held in Amberg/Bavaria, a clear majority of Grammer's shareholders followed the recommendations of the company's management and rejected all of Cascade's counter motions.
Ashurst advised Grammer AG on the preparation and holding of the Annual Meeting with partners Dr Thomas Sacher and Reinhard Eyring, counsel Dr Gerrit Clasen, Volker Germann and Dr Philip Cavaillès as well as associate Nicole Kaps (all corporate, Munich and Frankfurt). Dr Sacher and Dr Clasen led the team. Reinhard Eyring assisted the AGM Chairman and Chairman of the Supervisory Board, Dr-Ing Klaus Probst.
Previously, Ashurst advised the manufacturer of automobile interiors and seats, including in the context of a dispute with various Hastor companies before the Nuremberg-Fürth regional court in the run-up to the Annual General Meeting and on the strategic partnership agreed in March 2017 with Ningbo Jifeng Auto Parts Co., a Chinese automotive supplier.
