LME shareholders vote in favour of acquisition by HKEx
First Published 25th July 2012
Majority of shareholders approve HKEx acquisition of LME Holdings
Martin Abbott, Chief Executive , LME
"The deal with HKEx, Asia's leading exchange, will secure the LME's position as the world's foremost metals trading venue."
London, Hong Kong - Ordinary shareholders of LME Holdings, the parent company of The London Metal Exchange, have approved, at a court meeting and an extraordinary general meeting of LME Holdings today (Wednesday), all the resolutions required in connection with the proposed scheme of arrangement to implement the acquisition of LME Holdings by HKEx.
At the LME Court Meeting, a majority in number of ordinary shareholders who voted (either in person or by proxy), representing over 75 per cent. in value of all ordinary shares held by such shareholders, voted to approve the Scheme.
At the LME EGM, the special resolution proposed in relation to the Scheme (including the proposed amendments to the articles of association of LME Holdings) was also passed on a poll by the requisite majority.
Following the meeting, HKEx Chief Executive Charles Li and LME Holdings and LME Chief Executive Martin Abbott made statements regarding the vote.
Charles Li said: "I'd like to thank the shareholders of the LME for their support in welcoming this acquisition. Our shared vision for global leadership in the commodities market will allow us to respectfully build on the proud heritage of this unique institution. HKEx's ability to help the LME grow its business in Asia and beyond provides significant opportunities for both parties and will deliver value for all of our stakeholders."
Martin Abbott said: "I am delighted that our shareholders have overwhelmingly supported the board's recommendation. The deal with HKEx, Asia's leading exchange, will secure the LME's position as the world's foremost metals trading venue."
It is anticipated that the Scheme will become effective and the Acquisition will close in the fourth quarter of 2012, subject to the other conditions set out in Part III of the Scheme Circular, including FSA consent and the sanction of the Scheme and confirmation of the Capital Reduction involved therein by the Court.