shareholders approval9 Jan 2016 09:31
I have my APR shares with Selftrade in my wifes ISA. Selftrade is owned by Equinit a canadian company, as are Fairfax and probably some of others in consortium. As we did not act on the corporate action to vote, our shares were used to vote for the consortium/managment stitch up (at least that is how it feels). I was caught out by this action as I would say normally you would expect the opposite? I wonder if there were many others like me who supposedly voted for, this all took place over christmas and new year (corp action on 23/12 and decide by 28/12) and many small holders may have been busy? The vote was close roughly 55% to 45%. I suppose knowing how all the rich and greedy people are it is hardly surprising they have got together and made this happen by good timing and broker collusion
Annotingly it also means right now I do not have the money available to reinvest as the action has not been paid out, where as if my shares had been left alone I could have sold for pretty much the full amount this week and had money straight off.
We will move the ISA away from Equiniti/Selftrade