Bullish indicating open at $55-$60, IPO prices at $37
GUERNSEY - Weiss Korea Opportunity (SO:FTCE11B) Fund Ltd. (LSE:WKOF) announced Tuesday that shareholders approved all resolutions at its Annual General Meeting.
The closed-ended investment scheme reported that votes representing 46.19% of the issued share capital were cast at the meeting.
Three resolutions passed with notable opposition, receiving approximately 27% of votes against. These included the reappointment of KPMG Channel Islands as the company’s auditors, the re-election of Krishna Shanmuganathan as a director, and authorization for the company to make market purchases of its own shares.
The share repurchase authorization allows Weiss Korea Opportunity Fund to buy back up to 12,144,572 ordinary shares, representing 14.99% of the company’s issued share capital, excluding treasury shares. The minimum price for repurchases was set at £0.01 per share, with a maximum price of £10.
The company noted in its press release statement that it had engaged with a shareholder representing 10,125,000 shares who had confirmed they did not intend to vote against these three resolutions, despite the significant opposition recorded.
The share repurchase authority will expire at the conclusion of the company’s 2026 Annual General Meeting, or within 15 months from the resolution date, whichever comes first.
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