Thursday 21 March 2013

Safestore AGM - some interesting votes

RNS on the AGM here. There was a vote of (almost) 20% against the rem report (res 8). Also a vote of 15% against a share issue authority (res 10). And 20.5% against a notice for meetings resolution (res 13).

The last vote probably tells us that some overseas holders are involved. Looking at its annual report we can see a few big "ex-UK" investors amongst its notifiable holders -

CBRE Global Investors 6.75%
BNP Paribas Investment Partners 6.48%
APG Investments 5.89%
Morgan Stanley Investment Management 5.82%

Also, cos I'm a voting data nerd, I know that Morgan Stanley is one of the managers that routinely opposes this type of resolution, see its voting record here (PDF). Their position is a little odd as, although the parent is obviously US, it has a long-standing UK operation. You might have thought, therefore, they would vote more like a UK investor (all of whom - for the votes I can see - support this type of res) than an ex-UK one. 

No comments: