Unilever abandons restructure under pressure from shareholders

first_imgIn the days before the announcement, several major shareholders had voiced objections to the planned restructure.Legal & General Investment Management (LGIM), a major provider of passive index tracking funds, said it would vote against the resolution. Sacha Sadan, director of corporate governance at LGIM, said Unilever was understood to have looked at several alternatives before reaching its final decision, but LGIM did not believe it had made a compelling case for shareholders to support Dutch incorporation.As part of its engagement with Unilever, LGIM worked with the UK shareholder group Investor Forum to engage collectively with other investors, including some of the UK’s biggest pension funds. In a statement, Investor Forum executive director Andy Griffiths said: “Our purpose is to escalate investor concerns through collective engagement and we would like to thank the board of Unilever for its constructive response in recent weeks.“We have worked with over 20 institutions on this assignment and believe that it represents a powerful illustration of the effectiveness of collective engagement.”Mike Fox, head of sustainable investments at Royal London Asset Management (RLAM), which holds approximately £360m (€406m) worth of Unilever shares, also praised the board for having “listened to shareholder concerns and responded in a constructive way”.Prior to this morning’s announcement, Fox warned: “Many UK Unilever shareholders voting for the upcoming resolution are effectively voting for forced divestment of their holding… We think that Unilever is a high quality company, both in its own right and as a key constituent of a number of UK indices.”While the consumer goods company might be able to convince European shareholders that the move made sense in the long term, Fox said, it was hard for a UK investor to see an incentive to vote in favour.PIRC, a leading proxy voting adviser, had also recommended that investors oppose the move.Unilever’s UK share price this year, versus the FTSE 100 index#*#*Show Fullscreen*#*# Source: CapitalIQ In developing the initial proposal, it said the board had been “guided by the opportunity to unlock value for our shareholders by creating a stronger, simpler and more competitive Unilever that is better positioned for long-term success”.It had received widespread support from shareholders for the principle behind simplification, it said, but the proposal’s implications had not received enough support. Unilever chairman Marijn Dekkers said the board would consider its next steps and continue to engage with its shareholders.UK objectionscenter_img Unilever, the British-Dutch consumer goods giant, has scrapped a plan to “simplify” its corporate structure after pressure from investors who would have been forced sellers of UK-listed shares.The announcement came early this morning in the wake of objections over the last few days from UK institutional investors owning millions of pounds of Unilever stock, who said they would vote the proposal down.The company – the third biggest in the FTSE 100 index by market cap – had proposed to incorporate in the Netherlands under a new holding company, which would have involved delisting from the London Stock Exchange and listing the new entity in its place. The matter was due to be put to the vote at extraordinary general meetings (EGM) on 25 and 26 October in Rotterdam and London.Unilever said in a stock exchange announcement at 7am today that the board had decided to withdraw its proposal.last_img read more

Sportradar seeks interactive content edge with Arkadium visualisations

first_imgShare Related Articles Share StumbleUpon Submit Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020 Jonathan Earle – SportradarLeading sports data, insights and content supplier Sportradar has teamed-up with New York-based visualisation studio Arkadium, seeking to develop new immersive and interactive capacities for its sports output.Entering 2019, Sportradar will work with Arkadium on developing new viewer/audience experiences and engagements, focusing on driving interaction with its content from multiple sanctioned sources.In its update, Sportradar details that it has formed a multi-year partnership with Arkadium, a trusted development studio which has worked on developing interactive content with leading global publishers including USA Today, Microsoft, The Washington Post and LA Times.Jonathan Earle, Customer Director of Sports Media at Sportradar, backed the partnership, stating that Arkadium could deliver real-time sports content engagement, catering for new audience trends and disruptions.“Sportradar is obsessed with enhancing the fan experience and we are continually striving to create engaging and unique products that offer the best solutions for publishers and broadcasters to monetize,” he said.“The way in which sports fans are consuming content has dramatically changed and fans are looking for more interactive, visual stories to help keep them informed of the latest sports news. Partnering with Arkadium will help us to lead the next generation of sports engagement.”Kenny Rosenblatt –ArkadiumThe partnership will see Sportradar, media and content teams integrate Arkadium’s flagship inHabit programme, which delivers instant Ai-powered visualisation functions for marketing teams, currently reaching over 70 million US-based sports fans per month.“Our partnership represents the future of sports marketing,” said Kenny Rosenblatt, President & Co-Founder at Arkadium. “One where fans are deeply engaging with the players and teams they love, while providing publishers and advertisers the time, attention and relevant audiences that they’re looking for.” David Lampitt, Sportradar: F1 presents betting’s most sizeable opportunity August 14, 2020 Sportradar combats social media abuse with player protection solution August 17, 2020last_img read more