Small shareholders may play big role in LucasVarity vote on listing shift
Article Abstract:
LucasVarity PLC, a car parts and aerospace group based in the UK, is relying on its around 18,000 small investors to vote in favor of the company's planned transferring of main listing to the US. Company CEO Victor Rice must win "a one shareholder, one vote" election with the support of the small shareholders, who account for approximately 5% of the 1.4 billion shares on issue. This is because a fund manager who owns 10 million shares is given the same voting power as a shareholder who owns 500 shares. Rice stressed that the transfer of listing to the US would give LucasVarity access to greater cash to finance purchases and enable it to underwrite a buyback of 20% of its equity within the next 18 months.
Comment:
Is relying on its around 18,000 small investors to vote in favor of its planned transferring of main listing to the US
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Tetley scraps plans for $653.4 million offer
Article Abstract:
Tetley Group, a producer of tea from the United Kingdom, opted to forego its initial plans to conduct in July 1998 a flotation worth GBP400 million, or $653.4 million. Tetley's surprising move was attributed by the firm to its plans to pursue a more profitable option and optimize value for its shareholders. Tetley's scrapping of its flotation plans was also seen by some analysts as an indication that the company has located a potential acquirer. Nestle SA and Associated British Foods PLC were seen as possible acquirers for Tetley.
Comment:
Opts to forego its initial plans to conduct in 7/98 a flotation worth GBP400 mil, or $653.4 mil
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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