Caledonia Investments PLC - London-based investment trust - Explains intentions following the outcome of voting on resolution 19 at its annual general meeting. Resolution 19 was the waiver of the mandatory offer provisions set out in Rule 9 of The City Code on Takeovers and Mergers in relation to the Cayzer family concert party, given the obligation that could arise on the concert party to make a general offer for the company. Resolution 19 passed with a majority of votes cast. However more than 20% of independent shareholders voted against.
Voters against Resolution 19 included one who initially supported the resolution, but who recently began voting in line with the recommendations of a proxy advisor "which is generally not supportive of such Rule 9 waiver resolutions given their potential to lead to creeping control". Company continues to engage with this proxy voting advisor, and says the shareholder continues to be supportive of management.
Current stock price: 3,435.00 pence, down 0.4% in London on Friday
12-month change: down 1.7%
By Jeremy Cutler, Alliance News reporter
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Caledonia (CLDN)