Singapore Press Holdings’ (SPH) shareholders have voted in favour of the media group’s restructuring at an extraordinary general meeting (EGM) held on Sept 10.
Over 300 shareholders voted by proxy at the EGM.
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.
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SPH, on May 6, announced that it is hiving off its media business into a public company with a limited by guarantee (CLG) structure.
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.
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“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.
