Vampire bites CLP
23 April 2004
Investors made their views clear at the AGM of CLP Holdings Ltd (CLP, 0002) yesterday. According to the shareholder circular, the controlling shareholders, being the Kadoorie family and related parties, have a total holding of 839,028,074 shares, or 34.84% of the company. We'll ignore the votes of other directors, although they probably also voted in favour of giving themselves a mandate to issue new shares.
Deducting the controlling stake from the official poll results, the investing public voted as follows:
| Votes | Share | |
|---|---|---|
| In favour | 157,788,719 | 39.87% |
| Against | 238,008,309 | 60.13% |
| Total | 395,797,028 | 100.00% |
Voting turnout was about 25.22% of the non-controlling shares. The investor vote of more than 3 to 2 against the general mandate sends a clear message to CLP, if they are listening - next year, lower your cash issue mandate to comply with international best practice, in line with the recommendations of Project Vampire.
© Webb-site.com, 2004
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