Group Five has said it will withdraw the time restriction it imposed on the submission of proxy votes for the coming extraordinary general meeting of shareholders. However, the move may not be sufficient to avoid a challenge to the validity of proxy votes, which means the outcome of the critical July 24 extraordinary meeting hangs in the balance. Shareholders could be facing several months of value-destroying uncertainty if the validity of the proxies is not confirmed ahead of the meeting. Because of recent legal developments, time restrictions on proxies could lead to the invalidation of all proxy votes, which generally account for about 75% of shareholders voting at a meeting. Group Five told Business Day it would accept proxies submitted at any time, but by late on Tuesday, it remained unclear what action the company would take to ensure all shareholders were made aware of the removal of the time restriction. It declined to confirm whether it would issue a Sens announcement. One ...
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