just out of curiousity I went back and had a look at a couple of Schemes I was subjected to.
Two spring to mind, because in each, I was unhappy with the price offered, each had a major/controlling s/h, and each the Directors recommended the Scheme.
Independent Practitioners Network (IPN) 2008. taken over by Sonic.
OF the votes cast, 98% of shares were voted in favour, and 93% of Shareholders voted in favour. There were 294 shareholders who voted. The Scheme meeting was on 11 Sept 2008.
The Annual Report s/h list was dated 24 Sept 2008 (prior to tfr of Scheme shares) number of s/h was 1805 !
But I have to qualify that, because the t/o was at only 27c p/s, so there were 300s/h with unmarketable parcels, and almost 1,000 s/h with holdings of 10,000 or less - so a holding of 10,000 shares was only worth $2,700, so maybe they simply couldn't be bothered to vote?
Anyway, it illustrates some s/h apathy.
The other one was Lendlease Primelife (LLP) was taken over by Scheme 14 Dec 2009 by Lendlease.
3,013 s/h voted and 2,359 s/h voted in favour (78%).
As at 28 Aug 2009 there were 10,182 s/h, Of those 5,264 had s/h of 10,000 or less, so at 35c p/s thats again, only $3,500.
So on those figures, on 23% of shareholders bothered to vote. I do recall that a heck of a lot of s/h bailed out on-market prior to the Scheme meeting. The hedge type funds were buying on-market at a discount to the offer price.
So maybe apathy again perhaps?
I am trying to think of a company which recently had a t/o by way of Scheme voted down by smaller s/h.
when I research that I will post the info.
It will be a different share register by the time the votes are cast once these hedge funds/arbitragers vacuum-up the smaller share parcels.
But as you say, getting those smaller s/h who remain, to vote at the meeting, will be a big ask.
regards
- Forums
- ASX - By Stock
- ESG
- fin review page 45
fin review page 45, page-35
-
- There are more pages in this discussion • 42 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add ESG (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non--Executive Director
Simon Kidston
Non--Executive Director
SPONSORED BY The Market Online