Fannie Mae, Freddie Mac shares tumble after conservatorship comments
LUXEMBOURG - B&M European Value Retail S.A. announced Wednesday that shareholders have overwhelmingly approved the company’s plan to transfer its registered office from Luxembourg to Jersey and move its central administration to the UK.
At the Extraordinary General Meeting held on July 22, shareholders voted more than 99.99% in favor of the migration, which will see the company continue to exist as a public limited company under the name B&M European Value Retail plc.
The migration resolution received 662,900,616 votes in support, representing approximately 66% of the company’s total voting rights. All other proposed resolutions also passed with strong majorities, including the appointment of KPMG LLC as the company’s auditor following the relocation.
According to the press release statement, B&M expects the migration to be completed and admission of B&M Jersey shares to commence trading on the London Stock Exchange (LON:LSEG) before the end of 2025, subject to remaining conditions being satisfied or waived.
The company plans to publish a prospectus relating to the admission shortly before it becomes effective. Following the migration, the company will operate under new articles of association approved at the meeting.
The board noted it will provide further updates on implementation details, including how shareholders may hold B&M Jersey shares upon completion of the migration.
On the July 8 record date, B&M had 1,002,813,610 total voting rights and 1,003,821,871 shares in issue.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.