The Investment Association has criticised Glencore for ignoring the rights of some of its shareholders in its latest £1.6bn share issue.
The commodities company announced it would issue 1.3bn new shares, equating to 9.99% of the existing share capital or $2.5bn, in a bid to reduce its debt. The Investment Association and the National Association of Pension Funds (NAPF) have criticised Glencore for ignoring the rights of a large proportion of its shareholder base in the share issue. The group allocated 22% of the new shares for employee shareholders, thereby ignoring the pre-emption rights of its other shareholders set out in the principles originally agreed upon when it first sought shareholder approval for the issuan...
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