URW Shareholders vote with REFOCUS consortium to stop rights issue and strengthen Supervisory Board

11/10/2020, 10:34 AM (Source: GlobeNewswire)

PARIS and LUXEMBOURG, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The REFOCUS consortium of leading European investors, which holds a combined five per cent stake in Unibail-Rodamco-Westfield SE (“URW”), notes the very clear results of the Company’s Combined General Meeting held today.

URW shareholders voted as follows:

  • Rejection of the resolution delegating authority to the Management Board for the purpose of issuing ordinary shares of the Company with preferential subscription rights.
  • Approval of the appointment of Mr Léon Bressler, Mr Xavier Niel, Mrs Susana Gallardo as members of the Supervisory Board.

REFOCUS is therefore the first campaign to successfully challenge a CAC 40 company’s strategic and board appointment recommendations in the last 10 years.

Commenting on the results of the General Meeting, Léon Bressler and Xavier Niel, said: The rejection of the rights issue and the approval of all three nominees to the Supervisory Board by a large majority validates our REFOCUS campaign, which was actively opposed by company management from the outset. It is therefore up to the latter to draw conclusions from this outcome.

“As Supervisory Board members we will faithfully carry out the mandate given to us by URW shareholders – to ensure a strong financial position and balance sheet, to pursue a clear strategy of refocussing on its prime European asset portfolio and to establish corporate governance in accordance with the very best international standards.

“We thank the URW shareholders for their support throughout the REFOCUS campaign and their clear demonstration of shareholder democracy today. We will continue to stand up for them, as well as URW’s hard-working employees, in our new capacity and will ensure the company thrives in this evolving retail landscape.”

Unibail-Rodamco-Westfield SE: Combined General Meeting of November 10, 2020 – Press Release


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