A concerned shareholder group is seeking to oust Emergia’s board of directors.

The group has requisitioned a shareholders meeting for the purpose of replacing the board with a new one. Dorval, Que.-based Emergia owns, develops and manages multi-purpose properties.

The concerned shareholders allege that the current board and management, particularly President and CEO Faraj Nakhleh, have failed to be responsive to shareholder expectations and lack a coherent strategy for value creation.

Nakhleh, Hasan Al-Shawa, Yannick Richard, Henri Petit, Stephen Reisler, and Panagiotis Mitropoulos currently sit on the board.

The concerned shareholders have nominated five members for the proposed new board, including Petit. He acted as the company’s president and CEO from December 2018 to July 2024 and chaired the board between February 2021 and July 2024.

The shareholder group has given Emergia 21 days to call, and send notice of, a shareholders meeting. If the company does not call a meeting, the concerned shareholders will send notice of a meeting to all shareholders.

“The concerned shareholders believe that the shareholder nominees will bring positive change and enhance value for all shareholders,” said the group in a news release.

Image: Emergia