In a further letter dated 11 August 2023, Rock reconfirmed that it did not want the EGM to be held. "The board continues to consider the interests of all GAM shareholders and other stakeholders," GAM said in its latest public statement. "By convening the EGM, the board has fully discharged its duties towards Rock to hold an EGM and to vote on the Rock proposals. Given Rock's request to withdraw the Rock proposals, the board has decided to cancel the EGM." "The board is disappointed that Rock have not been willing to have the Rock proposals decided upon by GAM shareholders and believes that their decision to withdraw the Rock proposals is a vexatious use of shareholder rights." The proposed takeover of GAM by Liontrust continues to be highly contentious as it goes down to the wire.