MILANO – Green light of the shareholders’ meeting of Mediaset – the first which took place in Amsterdam – at the change of the company’s name into Easy-MediaforEurope nv and the new one double category shareholding structure, with different voting rights. The operation, the company note reads, is “a fundamental step in pursuing the creation of a pan-European group in the entertainment and content sector as it will provide greater flexibility for the financing of any future m & a operations”.
The outgoing shareholder also voted in favor of the decisions, as envisaged by the latest agreements Vivendi, who disregarded the indications given by the proxy advisors. With this structure the Biscione, which maintains the tax office and all previous activities, is preparing to push on international expansion, also with the idea of aggregating other operators.
“We are very satisfied with this double step: these actions and the excellent economic results achieved allow us to look to the future also with a view to international development” commented the CEO of Mediaset (follow the title live) Pier Silvio Berlusconi. The change of name is effective from today, the new shareholding structure starting from January 1, 2022.
The scheme provides that the shares currently in circulation are converted into B shares and that, on a predetermined date, all holders of B shares also receive one A share. Each A share gives the right to 1 vote, each B share to 10 votes. Both categories of shares will have the same equity rights and will both be listed on Euronext Milan (Exm) organized and managed by the Italian Stock Exchange.
In the “Dutch” meeting of Mediaset, shareholders representing the80.6% of the capital and the change of name obtained the favorable vote of 99.99% of the voters. The introduction of the new share structure with dual category securities and the authorization to issue category a shares – the two points on which i proxy advisor had expressed a contrary opinion – were approved respectively with the 94,23% and with the 94,41% of the actions present. According to Dutch law, however, even in extraordinary shareholders’ meetings, 50% of the votes plus one share are sufficient, therefore Vivendi’s adhesion has a signaling value and is not decisive for the outcome of the vote.