The shareholder has been blamed for the banking scandals, but if the shareholder holds their shares via CREST they are not allowed to vote, and thus influence the way a company is run.
ITINERE (MCE: ITI.MC) had a shareholder meeting and if the shareholder voted in favor of the merger between SACYR VALLEHERMOSO (MCE: BSYV.MC) and EUROPISTAS to form Itinere. If you were present and voted in favor you would be granted a put option to sell the shares at above the take-over price. If you voted against you would not be given this put option. If you held your shares in a nominee account you would not have been invited to the meeting and thus would not have been allowed to vote loosing your right to obtaining the put option.
Of course in these circumstance the default option should have been "to vote for the merger" and the nominee account shareholder would have rightly been given the put option by Sacyr.
What has happened is discrimination against shareholders who hold their shares via nominee accounts and should be investigated by the European Commission
From the Madrid Stock Exchange
The pamphlet is considered to be fundamental for the operation and creates rights and obligations on all participants in the operation, it verifies the Commission Nacional del Mercado de Valores, which is publicly available.
A brochure on the OPA Europe made by Sacyr Vallehermoso, is included to extend the option of selling the remaining shareholders in Europe to join the election in accordance with the document of commitment for granting rights to options, between conditions for the exercise of options is says: "that the recipient has voted in the general meeting of shareholders in Europe in favor of all the arrangements proposed by its board in connection with the merger between Europe and Itinere by expressly stating its positive vote in the meeting minutes. In the event that the Recipient does not vote for or do not expressly their positive vote in the minutes of the meeting totally and definitively lose the right of option granted under this document, which is chargeable or not executable. "
Desde la Bolsa de Madrid
El folleto tiene la consideración de norma fundamental de la operación y genera derechos y obligaciones a todos los intervinientes en la operación , lo verifica la Comisión Nacional del Mercado de Valores, y que está a disposición del público.
En el folleto de la OPA sobre Europistas formulado por SACYR VALLEHERMOSO , Se recoge extender la opción de venta a los restantes accionistas de Europistas que quieran adherirse a dicha opción conforme a lo previsto en el documento de compromiso de otorgamiento de derechos de Opción de Venta , entre las condiciones para el ejercicio de las opciones de venta se dice textualmente: “ que el destinatario haya votado en la Junta general de accionistas de Europistas a favor de todos los acuerdos propuestos por su Consejo de Administración en relación con la fusión entre Europìstas e Itinere, haciendo constar expresamente su voto positivo en el acta de la reunión. En el caso de que el Destinatario no vote a favor o no haga constar expresamente su voto positivo en el acta de la reunión perderá total y definitivamente el derecho de opción de venta otorgado en virtud del presente documento, que no será exigible ni ejecutable.”
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