LONDON – Caledonia Investments plc announced that shareholders passed all resolutions at a general meeting held on Wednesday. The approval includes the ability for the company to purchase its own stock on the market and an exemption from the mandatory takeover provisions under Article 9 of the City Code on Takeovers and Mergers.
The original resolution, which required a 75% majority, was passed with 99.11% of votes in favor, allowing Caledonia Investments to buy back its own shares. The second resolution, which was not voted on at the Kaiser family’s concert party due to regulatory restrictions and received 83.40% approval, is about waiving the obligation to make a compulsory takeover offer.
Commenting on the results, Caledonia Chairman David Stewart said that the ability to buy back shares at the current discounted price increases the company’s net asset value (NAV) per share and represents a maximum benefit for the company and its shareholders. said it would be of benefit.
The meeting was attended by a large number of attendees, with more than 69% of the total voting rights voting in favor of the stock buyback resolution. The second resolution on waivers received more than 22% of the total votes cast.
Caledonia Investments held 53,626,438 ordinary shares of 5 pence each with voting rights, but did not hold any treasury shares at the time of the general meeting. The Company intends to submit copies of both resolutions to the National Custodian Mechanism pursuant to Listing Rule 6.4.2R.
This information is based on the press release statement of Caledonia Investments plc.
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