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Chaucer Holdings plc - a proposed takeover by Scheme of Arrangement
As featured in the latest issue of UKSA’s magazine, The Private Investor, one of UKSA’s directors has written to Martin Gilbert, chairman of Chaucer Holdings, an acquisition target, challenging the thinking behind Mr Gilbert’s statement to shareholders, printed in bold to give it emphasis, that, “It is important that all shareholders have the opportunity to consider the Scheme and record their vote.” The letter, which can be seen in the attachment, tells Mr Gilbert that, “...it is not going to happen... (because a scheme of arrangement) effectively disenfranchises all those who hold their shares in nominee accounts... because they’re regarded in law as no more than beneficial owners, entitled to the proceeds after the shares have been acquired but with no right to vote upon the matter.” It’s a form of compulsory purchase, in this case recommended by non-executive directors who have less than 1.5% of the equity. When this announcement was posted, no reply had been received. The vote is scheduled for 7th June.