(Alliance News) - UIL Ltd on Wednesday said its shareholders have approved a resolution to move the company's London-listed shares to the Specialist Fund Segment from the Main Market.
Shares in the closed-end Bermuda-incorporated investor were down 2.4% at 253.80 pence in London in afternoon trading.
The resolution required at least 75% approval to pass and received approval from nearly all shareholders - independent and otherwise.
In terms of numbers, 69.4 million, or 99.98%, of all shareholder votes favoured the resolution and 12,132, or 0.02%, were opposed. Another 24,431 votes were withheld. Of the independent shareholder votes, 7.1 million, or 99.83%, were in favour and 12,132, or 0.17%, were against. Again 24,431 votes were withheld.
UIL will now apply to cancel the listing of its shares on the Premium Segment of the Official List and cancel admission of such shares to the Main Market. It instead see its shares trade on the London Stock Exchange's Specialist Fund Segment.
The final day of Main Market dealings will be November 6 with the cancellation and transfer to take place November 7.
By Anna Farley; annafarley@alliancenews.com
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Util (UTL)