UK fund manager picks canny time to do right thing - unmack1 -
British asset manager Schroders on April 26 said it planned to abolish its dual-share class structure by converting its non-voting shares into ordinary shares.
Under the proposed deal, holders of the voting stock will receive an extra three shares for every 17 held to compensate them for the dilution of their voting rights. Schroders’ Principal Shareholder Group, which includes the Schroder family interests, will own 43.11% of the company’s voting rights after the change. The group currently holds 47.93% of the voting stock and 20.44% of the non-voting shares.Schroders non-voting stock jumped around 29% to 24.10 pounds by 1018 GMT on April 26. Voting shares fell around 3% to 28.74 pounds.
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