We simply weren't prepared for the onslaught, though analysis of past voting trends on at least two proposals - confidential voting and opting out of Delaware 203 - showed that sentiments of institutional shareholders
were rapidly changing.
The company will, subject to obtaining the necessary shareholder approval, issue 45,000,000 fully paid ordinary shares at an issue price of $0.02 (2 cents) to several institutional and sophisticated investors, including some existing institutional shareholders
. The company was pleased to receive the support of its non-executive directors in the placement, subject to shareholder approval.
The stake, the size of which was not specified, was sold to more than 20 new and existing institutional investors, the vendor said, adding that Investec Asset Management and Uganda's National Social Security Fund (NSSF) had become leading institutional shareholders
such as pension funds, dissatisfied with underperforming company boards, have increasingly used their economic muscle to force changes in how firms are run.
Ordinarily in such battles, the company that offers institutional shareholders
the best prospects is the winner.
The first time I actually used the words "corporate governance" was in '83, and the first time I wrote about the institutional shareholders
was in '87.
In conjunction with their growing influence on many areas of corporate governance, institutional shareholders
have become increasingly involved in the issue of officers' compensation in publicly traded companies.
Barrick sold 66,235,264 ordinary shares in the company at GBP1.20 per share to new and existing institutional shareholders
of Highland Gold, raising total gross proceeds of approximately USD130m.
At the same time, the Institutional Shareholders
' Committee, speaking for the majority of Britain's institutional investors, set out a series of guidelines on monitoring company performance intended to spot problems before they develop.
Shedlarz: You'll note until we got out there and went through the extensive effort of explaining the deal to the institutional shareholders
, the stock did vacillate.
That's starting to change now, because boards of directors are being held accountable by shareholders, particularly institutional shareholders
(collectively, the Institutional Shareholders
) (such Common Shares, excluding those of Oando PLC and the Institutional Shareholders
being the Minority Shares), pursuant to a plan of arrangement (the Plan of Arrangement) for cash consideration of US$1.20 per share (the Consideration), subject to the receipt of relevant lender consent and regulatory approvals.