Taiwan Deal saves emission Delta Lloyd – Financieele Dagblad

Delta Lloyd Wednesdays been fervently desired permission to issue for € 650 million in new shares. That was only possible because the board could make an hour a known unexpectedly agreed to the meeting with a fervent opponent of the issue: Taiwan’s Fubon shareholder

Without a twist of Fubon, which only two days earlier, Delta Lloyd had been taken to court, chairman Hans van der Noordaa had lost the battle for the new capital. In this case was “the Delta Lloyd stability at stake,” he wrote last week.

End of combat

the vote puts an end to two months of a bitter battle between the relatively new board of the insurer and several major shareholders. The biggest opponent is Highfields Capital, which believes that the government is sowing fear and that the insurer has enough money.

Highfields suggested aid having other parties, but in the decisive shareholders remained very little about it. Besides Highfields voted 1% of the shareholders against.

The fact that the vote was still exciting, came by unexpectedly low turnout. Only 48% of the shareholders showed up. The internal rules of Delta Lloyd require that in this case is not ordinary, but needed a two-thirds majority. Eventually voted more than 77% in the proposal. Without a ‘yes’ from Fubon would have been over 60%.

Van der Noordaa and CFO Clifford Abrahams had Tuesday all day consulted with the top of Fubon to make peace, the CEO said at the beginning of the meeting.

collaborate

go to the agreement, Delta Lloyd and Fubon, another insurer, rather than litigate, just cooperate concerning inter alia, asset management and reinsurance. Fubon is expanding its interest from 7% today to more than 20%. If the package exceeds 15%, the Taiwanese must wear a commissioner

Highfields immediately issued a press release:. The investor ‘ savage “on the agreement of the former ally, because it is at the expense of other shareholders.” Lawyer Gerjanne te Winkel, who spoke at the meeting on behalf of Highfields, suggested that Fubon got perks. And Errol Keyner of Stockholders Association (VEB) asked about the goodies that have negotiated the Taiwanese for their decisive vote.

No extras

lawyer and adviser of Delta Lloyd Jan Louis Burggraaf denied the perks are distributed . “Fubon get nothing but the other shareholders.” However, Taiwan is committed to the existing investment banks guarantee the success of the issue, said Fubon may inform possible in the commission of typically a few percent.

Keyner VEB expressed the sentiment amongst many investors:” many are still a little surprised. For years the old board she held up what was a beautiful and successful business, Delta Lloyd, but the new administration says it is gathering. Was the previous administration incompetent, or is the current board a couple cowards? ” According to Van de Noordaa not two: it just all depends on the stringent supervision

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