Glass Lewis : Shareholder activism at Solocal.

Bonjour à tous,

Veuillez lire ci-dessous un article en anglais de Glass Lewis concernant « la nécessaire rébellion » sur le dossier Solocal.

Glass Lewis est un des 2 leaders mondiaux avec ISS (Institutional Shareholder Services) dans le domaine du conseil sur la gouvernance d’entreprise, sur les recommandations de vote aux assemblées générales.

Extraits , par Cornac Cheeser :

« However, the agreement made between management and its larger stakeholders was scuppered by a group of activist shareholders including Regroupement PPLocal, a grouping of 1,700 individual shareholders »

Il ajoute : « As a result, shareholders would hold approximately 86% Solocal’s share capital if the rights issue was fully subscribed and 14% if not subscribed at all, representing a better deal for existing shareholders. »

Puis il conclut: « The increased scrutiny of company affairs that such a widening of the shareholder franchise allows for is seen by some as a positive. Proponents of this view suggest that management is encouraged to run the company well by the potential for an activist campaign. Certainly, in terms of the debt restructuring proposed by Solocal, this seems to have been the case: minority shareholders took issue with the initial terms, and ended up with a better deal. With regard to some of the more radical shareholder proposals, the case of Solocal does point to the kind of unrealistic proposals that an increased shareholder franchise can result in. This being said, it would appear that the wider body of voters only supported the activists in their opposition to the financial restructuring as originally proposed. Once the deal had been rebalanced, the majority of those voting supported it, while rejecting the more unusual and opportunistic activist proposals. This example suggests that, while shareholder activism at companies with a large free float can lead to serious confrontations, it also provides a powerful tool for defending minority shareholder interests, when combined with active and considerate voting of shares by their holders.