JPMorgan Emerging EMEA Securities Withdraws AGM Resolutions
Why we think this is neutral
The RNS announcement indicates that the board of JPMorgan Emerging EMEA Securities has decided to withdraw two resolutions from the upcoming AGM agenda, in response to shareholder concerns. While this suggests the board is acting responsively to shareholder feedback, the lack of transparency around the specific concerns and the original rationale for the resolutions is a potential concern. Overall, the withdrawal of the resolutions does not appear to have a material financial impact on the company, and the announcement is a routine regulatory update.
Key Points
- JPMorgan Emerging EMEA Securities withdraws two AGM resolutions
- Resolutions would have authorized directors to allot new shares and disapply pre-emption rights
- Board cites shareholder concerns and provisional proxy vote figures as reasons for withdrawal
- Withdrawal does not affect other resolutions proposed at the AGM
Summary
JPMorgan Emerging EMEA Securities (JEMA) has announced the withdrawal of Resolutions 9 and 10 from the agenda of its upcoming Annual General Meeting (AGM). These resolutions would have authorized the directors to allot new shares and disapply pre-emption rights, though the board has never previously exercised these authorities.
The board states that some shareholders have expressed concerns about these resolutions, and given the provisional proxy vote figures, the board has decided to withdraw them. The withdrawal does not affect the other resolutions proposed at the AGM.
No further details are provided on the specific shareholder concerns or the original rationale for proposing the resolutions.