The hedge funds challenging Northern Rock's directors, RAB Capital and SRM Global, have been largely defeated in today's extraordinary general meeting (EGM).
The board was successfully re-elected and investors also passed a resolution to prevent the board from issuing shares in excess of £5m without approval from shareholders. The board was re-elected with a vast majority after all members received more than 90% of the vote in favour of their re-election. Only one of RAB and SRM’s proposals was passed, limiting the board to issuing only £5m of new shares without holding a general meeting of shareholders. Other proposals received more than 50% of the vote, indicating wide shareholder support for the proposals. However, they were classed as...
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