Few turn up as final hurdle is cleared
It ended with more of whimper than a bang. House of Fraser's transition from Plc to another outpost of Baugur's burgeoning UK retail portfolio reached its natural conclusion today as an EGM for shareholders resolved to approve the board's recommended offer by about 99 per cent.
Deep in the plush bowels of Dresdner Bank's City headquarters, 16 brave shareholders of conspicuously advanced years braved the slings and arrows of London's public transport system to monitor the proceedings. You could tell that things were going to go through more or less on the nod as House of Fraser chairman Michael Wemms went round and personally greeted all of the shareholders who had bothered to turn up.
A few minutes before the meeting started, chief executive John Coleman said that there might still be a rush of shareholders to fill the many empty seats. But it didn't happen and with the exception of a few procedural matters, House of Fraser effectively cleared the final hurdle on its way to becoming a private company.
No comments yet