Baltic Exchange Shareholders Approve Takeover by SGX
- Business & Finance
The Baltic Exchange Limited (Baltic Exchange) shareholders approved the GBP 87 million takeover by Singapore Exchange on Monday following a period of extensive consultation with shareholders and other stakeholders.
At the General Meeting held on September 26, immediately following the court meeting, the resolutions set out in the notice of the General Meeting included in the Scheme Circular were both passed by the requisite majorities of shareholders by way of a poll.
The resolutions comprised a special resolution approving the Scheme and certain corporate authorities requisite to the Scheme and an ordinary resolution to approve the Special Dividend.
In a separate announcement, Baltic Exchange said that Mark Jackson, currently Chief Commercial Officer of AM Nomikos Group and a former Chairman and Director of The Baltic Exchange, will become its next Chief Executive Officer.
He is expected to take up his appointment early in 2017 and replaces the current CEO Jeremy Penn, who last year announced his intention to stand down this summer.
Singapore Exchange Limited (SGX) and Baltic Exchange agreed on the terms for the recommended offer by SGX for the entire issued share capital of the Baltic Exchange in late August.
Under the terms of the proposed acquisition, Baltic Exchange shareholders will be entitled to receive GBP 160.41 in cash for each Baltic Exchange Share and GBP 19.30 in cash per Baltic Exchange Share as a final dividend.