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LONDON - Fidelity Emerging Markets Limited announced Friday that shareholders approved a special resolution authorizing the company to repurchase 16,441,177 participating redeemable preference shares from Strathclyde Pension Fund.
The approval came during an extraordinary general meeting where 99.29% of votes cast supported the repurchase plan, with only 0.71% voting against. The resolution received 48,419,293 votes in favor and 346,837 votes against, with 4,726,426 votes withheld.
The meeting saw a 76.3% turnout of the company’s total voting rights, according to the press release statement. At the voting record time on October 22, the company’s issued share capital comprised 77,135,616 shares and 1,000 founder shares, with 13,225,940 shares held in treasury.
The repurchase will be executed according to terms outlined in an agreement between the company and Strathclyde Pension Fund, as described in a circular sent to shareholders on September 29.
Fidelity Emerging Markets indicated that a further announcement will be made when the repurchase takes effect. The company noted that documentation related to the transaction is available for viewing at the National Storage Mechanism and on the company’s website.
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