Overview
- Glass Lewis and PIRC have updated their recommendations to advise shareholders to reject the combined proposal after identifying governance risks in extending the dual-class structure by ten years.
- Skaala Investments accuses Wise of misleading investors by claiming unanimous proxy-adviser support and insists the New York listing move should be voted on separately from the super-voting rights extension.
- Taavet Hinrikus’s Skaala has put forward two alternative schemes of arrangement that would allow shareholders to approve the US listing with or without the ten-year extension of founder voting privileges.
- Skaala warns that if ballots remain bundled the High Court may refuse to sanction the current scheme, potentially delaying the dual-listing by months and raising costs.
- The binding shareholder vote on July 28 will determine whether Wise maintains founder control under its dual-class structure as it shifts its primary listing from London to New York.