LONDON (Alliance News) - Daily Mail & General Trust PLC said its shareholders voted in favour of a planned return of Euromoney Institutional Investor PLC shares to DMGT shareholders and a related DMGT share reduction at a meeting held earlier on Tuesday.
Just over 95% of DMGT shareholders approved the resolution with less that 5% against it.
Euromoney on Tuesday noted the announcement as it said the approval will facilitate the proposed distribution of all of DMGT's shares in Euromoney, amounting to approximately 49% of the issued share capital of Euromoney, to DMGT's shareholders.
The distribution is expected to take place on April 2, when the relationship between DMGT and Euromoney will terminate. DMGT directors Tim Collier and Kevin Beatty, will then step down from the Euromoney board.
"The result of today's vote represents a landmark in Euromoney's history. Euromoney has benefited from DMGT's considerable support as a shareholder for 50 years," Euromoney Chair Leslie Van de Walle said.
"Euromoney is well placed to prosper further as a fully independent business."
DMGT shares closed down 1.5% at 632.00 pence while Euromoney shares closed up 0.9% at 1,162.00p.