PGG Wrightson Seeds was Dulux Group’s Supplier of the Year in recognition of the great efforts they put into supplying grass seed to Yates (a Gulux company) across ANZ
Pretty good eh
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PGG Wrightson Seeds was Dulux Group’s Supplier of the Year in recognition of the great efforts they put into supplying grass seed to Yates (a Gulux company) across ANZ
Pretty good eh
Seed sale approved by 97% of shareholders
Really? What percentage of shareholders voted?
We know that 50.2% Agria shares would have voted to sell. Sounds like institutional investors are very passive collecting their fees for managing peoples money but not acting like owners in the companys they own.
I assume this is not a major transaction requiring more than 75% of shareholders votes required to approve it. I wonder if publicly listed companies have different rules or if institutional investors are forced to vote one way or another if it is a major transaction.
I thought there might have been an opportunity to make on a wrightsons share purchase today based on the last line of this article.
https://www.nzherald.co.nz/business/...ectid=12151408
By my calculations the capital return is 39 cents a share ($292,000/754,849) and current market cap is $430,264 (754,849 * .57). I might have something wrong or this could be fake news.
It is the reason I had to buy a computer years ago.The Press either did not report agms/results,or when they did they often made big errors.
Today I still find to get the correct information you have to read the announcements,as often ST posters get their facts wrong..
Votes For {A} 462,798,990 Votes Against {B} 14,688,150 Votes Abstain {C} 3,667,296 Total votes [{A}+{B}+{C}] = {D} 481,154,436 Total Shares on Issue {E} 754,848,774 Percentage of Shares Voted {D}/{E} 63.7%
Take out the 50.2% of Agria shares and the other shareholders who voted amounted to:
63.7% - 50.2% = 13.5% of all shares on the registry.
The remaining shares that no-one voted on made up: 100% - 63.7% = 36.3% of all shares
Excluding Agria, the total number of shares that voted 'sell' were: 462,798,990 - 370,068,619 = 92,730,371Quote:
We know that 50.2% Agria shares would have voted to sell. Sounds like institutional investors are very passive collecting their fees for managing peoples money but not acting like owners in the companys they own.
92,730,371 / 754,848,774 = just 12.3% of all shareholders in total or
92,730,371 / (754,848,774 - 370,068,619) = 24% or non-Agria shareholders.
Actually it was a major transaction. Total shares voting for were Agria (50.2%) plus others (12.3%) which amounts to 65.2%. Well short of that 75% threshold. But it seems it passed anyway :-(Quote:
I assume this is not a major transaction requiring more than 75% of shareholders votes required to approve it. I wonder if publicly listed companies have different rules or if institutional investors are forced to vote one way or another if it is a major transaction.
SNOOPY
No, the sale was approved by just shy of 97% of shareholder votes cast. But not all shareholders who voted had equal number of votes to cast. I think if you all up the actual number of shareholders who voted for this transaction, the number would be well south of 50%.
SNOOPY