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Hedge funds lose shareholder vote on Jelmoli stock split

Forbes- Four hedge funds that own shares in Jelmoli Holding AG. have failed to win over investors at a vote over a proposed stock split and a special dividend at the Swiss retail and real estate companies.

The four funds Franklin Mutual, Fortelus, Sandelman und Obrem had filed a motion at Wednesday’s annual general meeting for a 5 to 1 split of the bearer shares and an extraordinary dividend of 115 Swiss francs, which would have resulted in owners of bearer shares losing voting power to holders of registered shares.

Investor Georg von Opel, who owns 25.2 percent of Jelmoli’s share capital but 52.9 percent of the voting rights, opposed the plans.

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