Agents' Mutual has told the London Stock Exchange that it is going to float after winning support from 89 per cent of the members who voted on the issue.
At the formal ‘Court Meeting of the Members’ held yesterday, the vote was 89 per cent for and 11 per cent against with 60 per cent attending in person or by proxy.
In addition, a further 10 per cent of Members appointed proxies who did not attend the Court Meeting.
“When their voting intentions are taken with those of Members who did attend, the result of the Court Meeting would have remained the same with 89% voting for and 11% voting against” according to a statement this morning.
As we reported yesterday, there will on Monday be a formal ‘Court Hearing’ - the usual procedure in a process of this kind - to sanction the Members Scheme.
Agents’ Mutual’s statement to the LSE today says: “It is expected that, should the Court sanction the Members Scheme, it will become effective on 12 September 2017 following filing of the relevant court order with the Registrar of Companies. In addition, at the Court Meetings of the three different classes of Agents’ Mutual loan notes, a majority in number of those Loan Noteholders present in person or by proxy also voted overwhelmingly in favour of the resolutions to approve each of the Loan Noteholder Schemes.”
Ian Springett, chief executive of Agents’ Mutual - and reported to be in line for a £20m personal windfall if the float is successful - says: “I am very pleased at such a resounding demonstration of broad Member support for our strategic proposals for the business. We firmly believe that should we be successful in raising external capital, we will secure the resources we need to take the business to a new level in the interest of property advertisers, consumers and shareholders alike."