Extraordinary General Meeting was called by Singapore Press Holdings (SPH) on 10 September 2021 to get shareholders’ approval on hiving off the media businesses of SPH to a company limited by guarantee (CLG).
Based on total ordinary shares issued (1,600,649,000 shares*) only 23% of the total ordinary shares care to vote on the ordinary resolution (comprising 369,120,948 shares).
* extracted from the Annual Report of SPH for 31 August 2020.
Of these 369,120,948 shares, 97.5% voted in favour and 2.45% voted against the resolution.
77% of total shareholder base did not care to vote. I wonder how this large base feels of the resolution?
Singapore Press Holdings is now going to lose the media businesses and becomes a pure property player after that.
The share price of SPH had risen from a low of $1.09 at 31 August 2020 to $1.96 (2.08 pm 13 Sep 2021). The pure property play raises the share price of SPH.
Next to watch is whether Keppel Corp succeeds in acquiring SPH.
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