According to SPH’s FY2020 annual report, it has 61,262 shareholders. The majority, or 37,309, own between 1,000 and 10,000 shares.
Of the shareholders, 97.6% voted in favour of the first resolution for the proposed restructuring.
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Some 97.5% of votes were also in favour of the second resolution for the conversion of SPH’s management shares into ordinary shares, and the adoption of a new constitution.
SPH, on May 6, announced that it is hiving off its media business into a public company with a limited by guarantee (CLG) structure.
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SPH will provide the initial resources and funding by capitalising the media business with a cash injection of $80 million and $30 million worth of SPH shares and SPH REIT units.
“I would like to thank all shareholders for their loyal support for this major restructuring of SPH. I would also like to express my deepest appreciation to the media colleagues for their strong support and understanding,” says SPH chairman Dr Lee Boon Yang.
“SPH Media now has a solid foundation to create a new future for journalism in Singapore. When this restructuring is completed, I am confident that they will succeed in their mission to provide the best possible media service and content to their audience at home and abroad. I wish all at SPH Media every success as they embark on this exciting, meaningful and rewarding new chapter.”
Shares in SPH closed at $1.94 on Sept 9, before calling for a trading halt before the market open on Sept 10.
