The ordinary shareholders of LME Holdings have approved all the resolutions required in connection with the proposed scheme of arrangement to implement the acquisition of LME Holdings by Hong Kong Exchanges & Clearing (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. The resolution was accordingly passed by the requisite majority.
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.
Martin Abbott, chief executive of LME Holdings and the LME, says: “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.”
Charles Li, chief executive of HKEx, says: “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.”
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.