Bloomberg- J-Power shareholders defeated a proposal by U.K. hedge fund TCI for the company to double its dividend, ending a monthlong proxy battle and sending the stock to its biggest decline since February.

Shareholders of Electric Power Development Co., the official name of Japan’s largest power wholesaler, rejected all five proposals by the investment company including limiting cross- shareholdings and doubling the yearly dividend at the utility’s annual general meeting in Tokyo today. The investors approved the board’s proposal to raise the payout by 10 yen to 70 yen.

Today’s vote marks the end of a public spat between the utility and The Children’s Investment Fund Management (UK) LLP, as the utility’s largest shareholder is officially known. The verdict undermines efforts by an increasing number of foreign investors pushing Japanese companies to improve shareholder returns that are less than half of those in the U.S.

Read Complete Article

Tags: accountant, bbc-news, dan-hesse, dream-job, efficient-market, gores-group, img-src, investment-firm, japanese-companies, japanese-government, kajima-corp, lt, maged, outsiders, plunge, standoff, trade-ministry, tse, wig-maker

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.

Read Complete Article

Tags: appointment, bbc-news, comcast, contention, fertilisers, j-p-morgan, medallion, sub-prime-crisis, tse