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LONDON - Wise (LON:WISEa) plc announced Monday it has received a statement from Skaala Investments OÜ, an investment vehicle owned by co-founder Taavet Hinrikus, challenging aspects of the company’s proposed reorganization ahead of shareholder meetings scheduled for July 28.
The proposal would establish Jersey-incorporated Wise Group plc as the ultimate parent company with a primary listing on a U.S. stock exchange and secondary listing on the London Stock Exchange (LON:LSEG). The plan also includes extending the dual-class share structure with a new 10-year sunset period.
Hinrikus, who holds a 5.1% stake in Wise, has criticized the company for "bundling" the dual listing with an extension of the enhanced voting rights for Class B shares. The original structure from Wise’s 2021 direct listing was set to expire in July 2026.
In response, Wise’s Board, led by Chair David Wells, defended the proposal, stating it would bring "strategic and capital markets benefits" including "greater visibility in the U.S." and "better access to the world’s deepest and most liquid capital market." The Board unanimously recommends shareholders vote in favor of the scheme.
The company noted that key proxy advisory firms ISS, Glass Lewis (JO:LEWJ) and PIRC have all recommended shareholders support the proposal.
For the reorganization to proceed, it must be approved by both Class A and Class B shareholders at separate court meetings, with each requiring majority approval in number and 75% approval in value of shares voted.
The proposal is expected to become effective in Q2 2026, subject to satisfaction of conditions.
According to the company’s press release, Wise processed over $185 billion in cross-border transactions in fiscal year 2025, serving approximately 15.6 million customers.
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