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Ferries operator says it is aware of at least one instance where a shareholder has changed their mind and now intends to back the deal
Ferries operator says it is aware of at least one instance where a shareholder has changed their mind and now intends to back the deal Eamonn Rothwell, chief executive of Irish Continental Group.
Photograph: Eric Luke / The Irish Times Irish Continental Group annual general meeting Irish Continental GroupThe independent board of Irish Continental Group is considering adjourning Friday’s extraordinary general meeting on a €1.2 billion deal to sell the ferries operator to management led by chief executive Eamonn Rothwell, as the transaction is currently on track to be shot down by shareholders. The company said in a statement on Wednesday night that certain resolutions on the deal will not currently achieve the 75 per cent majority threshold needed to approve the transaction as structured under a so-called scheme of arrangement.
It said that it is aware of at least one instance where a shareholder that voted against the deal by proxy but has since changed their minds and plans to support the sale. Independent board directors are known to have been actively canvassing investors that had come out against the deal.
The independent board has also been made aware that, in some instances, certain intermediaries have set deadlines for shareholders to register their votes as early as two weeks in advance of the meeting, which may not have given the investors enough time to make voting instructions. Meta’s huge settlement and how useful is an open plan office?
“The independent ICG board further notes that a significant number of shareholders have not yet cast their votes,” the statement added. “The independent ICG board continues to consider the terms of acquisition to be fair and reasonable and supports its unanimous decision to recommend that shareholders vote in favour of the scheme, and the independent ICG board reiterates its previously stated belief that the offer delivers compelling value for ICG shareholders,” it said.
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