Executives at AIM facing backlash from shareholders due to questionable executive compensation practices
DCI Advisors, a company listed on AIM, is currently under intense scrutiny due to allegations of corporate governance failures, questionable board actions, and director compensation issues. These accusations have been primarily raised by its largest shareholder, Almitas Capital LLC, which owns approximately 20% of the company.
The key points of concern include questionable corporate governance and board conduct, director compensation and incentives, obstruction and lack of accountability, and possible undisclosed issues under investigation.
Questionable corporate governance and board conduct
Almitas Capital has alleged multiple governance failures, including the obstruction of the appointment of Martin Adams to the board despite majority shareholder support. An extraordinary general meeting (EGM) to address this issue was repeatedly postponed five times from February 28, 2025, and is now rescheduled for October 10, 2025. The company cited ongoing investigations as the reason for deferring the meeting.
Director compensation and incentives
Almitas has criticized executive pay moves as "egregious," expressing dissatisfaction with how DCI Advisors defines board independence and compensates directors. These concerns came amid delayed financial accounts and the suspension of shares, adding to shareholder frustration.
Obstruction and lack of accountability
Almitas claims the board has not acknowledged formal letters outlining alleged serious breaches of corporate governance and professional misconduct. The repeated postponements of shareholder meetings are viewed as tactics to frustrate shareholders’ rights.
Possible undisclosed issues under investigation
While the search results do not detail a specific questionable land sale, DCI Advisors' business involves investments in residential resorts in Greece and Cyprus. The ongoing investigations likely relate to these business operations, but explicit details about land transactions are not disclosed in the search results.
In a critical juncture, the forthcoming EGM on October 10, 2025, is set to be a decisive moment for resolving these disputes.
Other notable issues include:
- The buyer for DCI Advisors' asset disposal plans, as investigated by Almitas Capital, has no traceable online presence.
- DCI Advisors' idiosyncratic definition of independent and non-independent board members is a point of contention.
- In March 2024, the board of DCI Advisors added an extra €100k to the directors' salaries without a vote.
- The proposed incentive plan for DCI Advisors' directors, if passed, would have been equivalent to about a seventh of the entire market cap of the £40m firm. This plan was voted down in November.
- A year ago, DCI Advisors announced a €22m deal to sell land on a Croatian island known as Livka Bay.
- Almitas Capital, which holds a 20% stake in DCI Advisors, called for an extraordinary general meeting last year. Since then, the company's shares have been suspended due to a delay in the publication of its accounts.
- Peter Gyllenhammer, a Swedish investor who owns 7.7% of the company, accused DCI Advisors of running a "fiasco" in its operations.
- When Almitas Capital contacted the firms claiming to be the buyer, they stated they had never heard of the company. Additionally, Almitas found that developments claimed to be by the buyer were actually on other people's websites.
As the EGM approaches, shareholders and investors will be closely watching DCI Advisors to see how it addresses these serious accusations and moves forward.
- The ongoing investigations regarding DCI Advisors' business operations, particularly in residential resorts in Greece and Cyprus, may involve questionable land sales that are not publicly disclosed.
- Almitas Capital, together with other shareholders and investors, are closely monitoring the upcoming Extraordinary General Meeting (EGM) on October 10, 2025, as it could be a decisive moment for addressing concerns about corporate governance, board conduct, director compensation, and undisclosed issues within DCI Advisors' finance and business dealings.
