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General

KPN EGM to discuss foundation's preferential shares

Monday 2 December 2013 | 10:17 CET | News
KPN is inviting all shareholders to an Exceptional General Meeting (EGM) scheduled for 10 January. Participants will vote on the proposal to withdraw the outstanding preferential B shares issued to the KPN Foundation. The foundation took a controlling stake in KPN in order to block its takeover by America Movil. The foundation then asked KPN to set up an EGM to discuss withdrawing the 4.26 billion shares it had acquired in August. The meeting will discuss the proposal to lower the nominal value of KPN shares in order to lower the costs related to the preferential B shares. KPN wants to reduce

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Categories: General
Companies: KPN
Countries: Netherlands
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Comments

It is all criminal. Why are KPN shareholders prevented from making the decision whether to accept a takeover offer by some foundation? What is the value for a shareholder to be prevented from making this choice? The worst - why are sherholders paying for the foundation action that takes away they right to decide (KPN pays interest on preffered shares issued to the foundation). In the last action the only beneficiary was the KPN management. The management who oversaw 75% decrease in KPN share price over the last 12 months. Without the foundation action, KPN would be taken over and the mgmt would be fired. It is all very wrong, at the expense of KPN shareholders. If the KPN foundation would be abolished the share price would go up strongly.
Jan Martinek @ 2/12/2013 - 20:07


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