GREY:WFEMF - Post by User
Post by
74volframon Aug 19, 2015 3:06pm
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Post# 24032756
about proxy vote
about proxy voteAbsence of proxy instructions (non-vote):
From a read of the circular on proxy vote (page 6 of the voting circular):
"It is the intention of the persons named in the enclosed proxy, in the absence of instructions to the contrary, to vote the proxy FOR the Arrangement Resolution. If a Shareholder does not specify how their Woulfe Shares are to be voted, the persons named as proxyholders will cast the votes represented by their proxy at the Meeting FOR the Arrangement Resolution."
This is actually a NYSE legal opinion that assumes shareholders by default will support management (the resoning being that if they did not, they would have sold their shares).
The proxyholder is the broker that holds the shares for the individual shareholder.
My read is that unless the shareholder specifically instructs the proxyholder to vote differently (by voting the proxy on line or by phone), the proxyholder (broker) will vote with the management. It is standard operating procedure in corporate voting.