In general, Metso is in compliance with the Finnish regulations relating to the
organisation and procedures of the Extraordinary General Meeting.
Under ITEM 6, the board of directors seeks approval of a partial demerger of Metso.
Pursuant to the proposal, it is proposed to carve out the Company's Minerals business
(through a partial demerger) and to combine it with the businesses of Finland-based
Outotec Oyj ("Outotec"). As a result of the partial demerger, Metso¶s current Flow Control
business will become the continuing business of the currently listed Metso, which will be
subsequently renamed Neles, an independent listed company supplying flow control
products and services.
First of all, ECGS endorses the strategic rationale for the (proposed) demerger and
agrees that the combination "could leverage the strengths of both companies, including
technology and R&D, product and process excellence, scale and global service offering
As demerger consideration Metso's shareholders will receive 4.3 new shares in Outotec
for each share held in Metso, corresponding to an ownership in the combined company
following the completion of the demerger of 22% for the shareholders of Outotec and
78% for the shareholders of Metso.
As a matter of principle, ECGS is supportive towards corporate spin-offs as they give
shareholders the ability to choose whether they will continue to be exposed to the
µminerals, metals and aggregates industries¶(Metso-Outotec) and/or µsupply of flow
control products and services¶(Neles), if not they can simply sell their shares.
In ECGS¶view, the new company (Metso-Outotec) will have sufficient substance to
operate on a stand-alone basis
Based on the analysis above, ECGS recommends to vote FOR the demerger plan.
Metso is a global services, products and systems provider. Co. serves its customers in mining, oil and gas as well as aggregates industries. Co. serves also some other process industries, such as pulp and paper industry. Co.'s offerings to the mining industry include grinding mills, mill linings and grinding media; as well as crushers and screens. Co.'s offerings to the aggregates industry include crushers; as well as screens, feeders and conveyors. Co.'s offerings to the oil and gas industry include control valves, on-off valves; intelligent safety valves; intelligent valve controllers and limit switches; intelligent field services; spare and wear parts; as well as performance services.
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Yesterday was the first day of trading following the unique European Spin-Merger between Metso Corp. (MEO1V FH) and Outotec Corp. (OTE1V FH). This transaction created what is now Neles Corp. (NELES FH) and Metso Outotec Corp. (MOCORP FH), and the resulting valuation mismatch provides an opportunity for investors to see value creation for the Spin-merged mining equipment services company. Meanwhile, NELES (Parent) looks fully valued. Read on for more on their first day's performance. What's Happened? The Edge Intelligence... Metso Corp. (MEO1V FH) performed a unique spin of its Minerals busine...
It’s been over 6 years since Finnish investors have witnessed a corporate break-up and next week, Metso Corp. (MEO1V FH) will be back once more to split again. After a successful Spinoff of Valmet Corp. (VALMT FH) in 2014, which jumped +45% in its first year, Metso will be Spinning off its Minerals business to merge with another industrial player, Outotec Corp. (OTE1V FH) while the RemainCo (to be renamed Neles Corp) will be a pure-play Flow Control Business. What's Happening? Metso Corp. (MEO1V FH) is performing a unique spin of its Minerals business by combining it with another industrial ...
Proxinvest attire l'attention des actionnaires sur certains points. Proxinvest regrette que la société continue d'associer le quitus à l'approbation des comptes sociaux et de l'approbation des dépenses non déductibles. En effet, Proxinvest aurait pu soutenir ces deux approbations si elles avaient été dissociées. Ensuite Proxinvest ne soutient pas les conventions règlementées avec les membres du conseil. De ce fait, Proxinvest s’oppose à la résolution 4. Le conseil n‘est pas majoritairement d’après Proxinvest, de ce fait nous ne soutenons pas les résolutions 11 et 12.
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil. Proxinvest estime que le conseil n'est pas majoritairement indépendant. De plus les mandats sont d'une durée de 6 années ce qui ne respecte pas notre durée de 4 années. De ce fait, nous ne pouvons soutenir les renouvellements. Par ailleurs Proxinvest note que la transparence de la société concernant le rapport de rémunération pourrait être améliorée.
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord la société indique : "Au titre de l’exercice 2019/20, Pascal Imbert et Patrick Hirigoyen ont pris la décision de renoncer à leur part variable et les membres du Conseil de surveillance et des Comités à 25% de leur rémunération ;". De plus Pascal Imbert et Patrick Hirigoyen ont décidé de renoncer à une large partie de leurs rémunérations variables versées en 2019-2020 au titre de l'exercice précédent. Ces décisions sont liées à la situation exceptionnelle. Dans cette même optique la société décide de ne pas vers...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: On 17 March 2020, the Management Board and the Supervisory Board initially resolved in light of the COVID-19 pandemic to propose to the AGM that the net profits of financial year 2019 shall be fully carried forward to new acc...
Covid-19 – Dividend As a result of the pandemic and the current UK government restrictions on travel and indoor public gatherings, shareholder attendance at the Company’s AGM will not be possible this year. Any changes to the Meeting will be communicated to shareholders before the Meeting through the Company’s website and, where appropriate, through an announcement to the London and Johannesburg stock exchanges. As part of the Group’s broad response to maintaining its liquidity position through the crisis and to maximize its support in tackling Covid-19, the Board has taken the prudent and a...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.65 per share (increased by 18.18% from EUR 0.55). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend...
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