Shareholders veto General Issue Mandate at Techtronic (0669)
Company announcement, 18-May-2018
In a rare victory, outside shareholders overcome management's support for their own mandate. Although the basic issue mandate was restricted to 5% for cash placings at a 5% discount, the opposition was likely due to the seeking of an extension of the mandate to cover repurchased shares, giving management the ability to allot up to 15% in total. Outsiders also almost unseated INED Christopher Langley, who was re-elected by 53%:47%. He's been an INED for 17 years and clearly doesn't have a mandate from independent shareholders.
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Four more slay Vampire
Another four companies have joined the elite "Vampire Pioneers" list of companies which have adopted the recommendations of Project Vampire to limit their general issue mandates, so reducing the risk to investors of unwanted dilution of their shareholdings and economic rights. Find out who these pioneers are, and how your company can join the list. (10-Jul-2003)
Techtronic Takes Vampire Drill
With no fanfare, Techtronic Industries last week became the first company, mid-AGM, to amend its proposed general issue mandate to comply with the recommendations of Project Vampire, and also committed to poll voting for future shareholder meetings. Having joined the blue-chip MSCI index last Friday, this success story sets an example to the market. (4-Jun-2003)

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