Wyser-Pratte received significant support
New rebound in the case Lagard?re / Wyser-Pratte. Guy Wyser-Pratte, said the activist investor who hold 0.53% stake in Lagardere, has won the support of governance expert RiskMetrics Group (formerly ISS Proxy Advosry Services) in his critique of the structure of the media group.
Support size, because boards of RiskMetrics are followed by institutional investors. But they represent 78.51% of the capital of Lagard?re (50,51% of foreign institutional investors and 20% French).
Rejection of proposals by the management and the board
But on Monday, the general partners and managers of Lagardere SCA voted against the amendment of articles of the company – a company limited by shares to a company – in a proposed resolution before the next general meeting Guy Wyser-Pratte.A decision that is "not surprised" to advise shareholders of the activist. "The opposite would have been more democratic," he quipped.
Last Friday, the group's supervisory board had rejected outright the two main proposals of the Franco-American investor to relax the sponsorship of the Lagard?re group. For now, Arnaud Lagardere, the manager-partner of Lagardere, which holds all powers of decision with 10% of capital payday loans no teletrack. Partnership status allows to use external financing without losing control of the company.
RiskMetrics 'agree' with Wyser-Pratte
Thus, the shareholder advisory firm RiskMetrics looking for arguments Guy Wyser-Pratte: "We agree with his criticism of the sponsorship per share.
"The presence of dissent to the supervisory board of Lagard?re would be beneficial to the long-term shareholder value," she said in a statement. In any case, any election "reflects the intention of the limited partners to adopt a different status," said the company. Verdict on 27 April at the general meeting of shareholders.
On Monday, the shares are granted Lagard?re 0.46%, to 31.51 euros in a market equilibrium.
Wyser-Pratte had accused Mr Lagardere's "mismanagement", accusing him of preferring to "go play tennis in running the company." Arnaud Lagardere leads the group since the death of his father Jean-Luc Lagard?re in 2003.
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"Lagard?re rejects proposals Wyser-Pratte