Barclays meeting in the news

November 24, 2008 at 11:37 am Leave a comment

The New York Times describes shareholders at today’s Barclays meeting (here is the page on PD) as “angry and outraged.” Barclays had foregone government assistance last month because the government would have placed restrictions on its dividend policy and investment decisions, and it called a special meeting to get shareholder approval to sell equity on favorable terms, primarily to Middle Eastern investors. Not surprisingly, Barclays shareholders are unhappy about the dilution, especially given the 70% drop in the company’s share price this year. But apparently they see no better option and the plan will go through.

I would expect to see a lot of angry meetings in the coming year. Let’s hope that we get productive reform, and not just bluster and accusations, out of the anger.

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Entry filed under: Uncategorized.

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