Countrywide’s senior management has won overwhelming support from shareholders for its plan to sell its commercial arm and consolidate its shares.
Shareholders gathered at a special general meeting last week and backed the sale of Lambert Smith Hampton for £38m to John Bengt Moeller with 99.97% in support.
The vote means the sale can be completed tomorrow.
There was also 99.97% support for an additional motion put to the meeting, for a consolidation of Countrywide’s existing shares.
This is a process whereby a company reduces the number of shares it is trading on the stock exchange. The share consolidation has become effective today.
The firm had proposed to consolidate every 50 existing ordinary shares in the company into one.
As a result of the share consolidation, the group’s issued share capital now consists of 32,826,068 ordinary shares of £0.01 each, of which 63,049 shares are held in treasury. The total number of voting rights is now 32,763,019.
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