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Corporate Actions - A Concise Guide: An introduction to securities events by Francis Groves

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8. Shareholder Voting

The extent to which corporate actions are subject to shareholders’ formal approval is often obscure. For example, dividend payments normally require shareholder approval but it is unusual for the voting to receive press coverage. The ‘news’ is what the board recommends and shareholder opposition to a board’s recommendation on the dividend would be a symptom of profound shareholder unrest and lack of confidence in the management.

Events such as rights issues or returns of capital would normally be the subject of a shareholder vote. Share buyback programmes may roll on over several years after initial approval in a shareholder meeting. Shareholder votes by both acquirer and target companies are normally required for takeovers ...

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