LONDON – Caledonia Investments plc announced that its shareholders passed all resolutions at a general meeting held on Wednesday. The approvals include the authority for the company to make market purchases of its own shares and a waiver concerning the mandatory offer provisions under Rule 9 of the City Code on Takeovers and Mergers.
The first resolution, which required a 75% majority, was passed with 99.11% of votes in favor, allowing Caledonia Investments to buy back its shares. The second resolution, not voted on by the Cayzer family concert party due to regulatory restrictions, received 83.40% approval and relates to waiving the obligation to make a mandatory takeover offer.
David Stewart, Caledonia’s Chair, commented on the outcome, stating that the ability to buy back shares at the current discount is accretive to the company’s net asset value (NAV) per share and is in the best interests of the company and its shareholders.
The meeting saw a significant turnout, with over 69% of the total voting rights represented in the decision on the share buyback resolution. The second resolution regarding the waiver saw a turnout of over 22% of the total voting rights.
Caledonia Investments, with 53,626,438 ordinary shares of 5p each eligible for voting, had no shares held in treasury at the time of the meeting. The company will submit copies of both resolutions to the National Storage Mechanism, adhering to the Listing Rule 6.4.2R.
The information is based on a press release statement from Caledonia Investments plc.
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