Countrywide has moved the date of its meeting for investors to approve the sale of commercial arm Lambert Smith Hampton (LSH) and the consolidation of its shares to 27th December, the only working day between Christmas and the New Year.
This is rumoured to be due to the Christmas greetings card rush and the 12th December General Election vote, both of which are flooding the postal system with letters.
This unusually high postal load means the proxy voting forms that many smaller shareholders send in by letter would have been delayed and therefore the original meeting scheduled for 23rd December had to be extended to give time for the forms to arrive in time.
This is likely to prompt grinding of teeth in the City – investment consultants and shareholders who had hoped to have the LSH disposal and stock management plans for Countrywide sorted out by the 23rd may now have a busier Christmas than expected, and will have to come in on the 27th to attend the meeting.
The extended timetable means that the sale of Lambert Smith Hampton is due to complete on 31st December.
The proxy voters, and those turning up in person to the delayed 27th December meeting are being asked to approve the sale of LSH for £38 million and the consolidation of its stock by a factor of 50 in order to reduce trading volatility in its stock.