Money Marketing – Hedge funds, RAB Capital and SRM Global, have been defeated at today’s Northern Rock EGM in Newcastle.
Hedge funds defeated at today
The outcome of the vote means that shareholders will be unable to restrict the board’s ability to sell the lender.
Of the four resolutions proposed by SRM and RAB Capital, all were defeated with the exception of resolution 1. The passing of this resolution means that the board cannot allot shares with a nominal value above £5m without the approval of shareholders in a general meeting.
The hedge funds were unable to get the required 75 per cent majority in favour of its other three proposals.
It is believed around 600 shareholders turned up to today’s EGM, a small fraction of the lender’s 180,000 small shareholders.
But shareholders did vote in favour for all of the directors proposed for re-election.
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