16th May 2016 06:51
LONDON (Alliance News) - Western Gate Private Investments Ltd on Monday welcomed recommendations made by proxy advisers to vote in favour of the resolutions it has tabled to shake-up the board and strategy of drinks distributor Stock Spirits Group PLC.
Western Gate, which holds a 9.7% stake in Stock Spirits, has tabled a series of proposals, including the appointment of two new directors to the board.
The company said Institutional Shareholder Services, Glass Lewis and Pensions & Investment Research Consultants, three prominent proxy advisers, have recommended clients vote in favour of the appointment of Western Gate's two board nominees, Alberto da Ponte and Randy Pankevicz, to the Stock Spirits board.
The three have, however, recommended shareholders vote against another resolution tabled by Western Gate related to moratorium on merger and acquisition activity. Western Gate said it still believes this would be in the best interests of shareholders and reiterated its support for the proposal.
Stock Spirits shareholders will vote on the plans on May 23.
By Sam Unsted; [email protected]; @SamUAtAlliance
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