Shareholder Applies for Liquidation of Excelsior Capital Limited

Excelsior Capital Limited (ASX:ECL) faces a winding-up application from London City Equities Limited (ASX:LCE), filed in the New South Wales Federal Court registry. The application, under the Corporations Act, claims just and equitable grounds or unfair prejudice in conducting company affairs. It disputes investment decisions, advocating for proceeds distribution to shareholders rather than reinvestment.

Shareholders previously approved the company's status as an investment entity and its strategy. This application mirrors previous voluntary winding-up attempts. A meeting on April 29, 2024, will address this. The board opposes the application, anticipating failure and expressing disappointment in the disruptive action and associated legal costs. Legal fees may be recovered if the defense succeeds, aiming to safeguard shareholder interests. ASX authorization confirms this announcement.

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