(link opens in new tab).
Cascade Investment, Bill & Melinda Gates Foundation Trust, Fidelity Worldwide Investment and Threadneedle Investments have sent a disclosure notification that they form a group. In its notification the group announces that it holds a total of 207,395 bearer shares in Sika, reflecting 8.61% of the share capital and 4.62% of the voting rights.
In addition, Sika has received a letter of support from the group. In its letter the group expresses its grave concerns about the future welfare of Sika鈥檚 business and its more than 16,000 employees in view of the proposed sale of the Burkard family鈥檚 interest in Sika to Saint-Gobain. In the group鈥檚 view this transaction would result in significant and enduring harm to the interests of the majority of the company鈥檚 shareholders. The group has assured Sika of its full and active support in exploring and pursuing action to resolve the situation as quickly as possible and protect the long-term prospects and welfare of the business and its shareholders.
In a separate development, Ethos Foundation has announced the launch of a support group for a shareholder proposal to delete the opting out provision in the articles of incorporation of Sika. This shareholder proposal was submitted by Ethos and 11 other shareholders last month. The Ethos resolution demands the removal of the opting out clause. "This provision strongly penalises minority shareholders in the case of a sale of the stake of a controlling shareholder," it said.
Got a story? Email news@theconstructionindex.co.uk
