Aegis challenges Bollore with one share one vote for AGM

LONDON - The board of Aegis has decided against 'show of hands' voting at its crucial AGM next Wednesday as part of its strategy to repel Vincent Bollore's bid for two board seats.

"Show of hands" voting means each shareholder has one vote no matter how many shares he owns, and is often used to vote on resolutions at UK shareholder meetings.

Instead, the board led by chairman Lord Sharman, has specified that each resolution will be voted for by a poll, where every Aegis share equals one vote.

Shareholders not attending the meeting can also vote by post or electronically, and the votes will be totted up after the meeting ends.

Sharman appealed to shareholders who have not yet voted to do so, and to vote against Bollore's two candidates, Roger Hatchuel and Philippe Germond. He reiterated the board's opposition to Bollore having board representation, describing it as a "severe conflict of interest".

Bollore, chairman of French ad group Havas, a competitor to Aegis, is by far the biggest shareholder in Aegis with 29% of its shares.

The three next biggest shareholders are investment funds Fidelity with 9.29%, Aegon with 4.9%, and Legal & General with 3.85%. Aegis directors own just 0.03% of the company.

Recent reports have suggested that Fidelity and Aegon will side with the board and vote against Bollore's candidates.

Should Bollore fail with the bid for board seats, an alternative course of action would be to launch a takeover of Aegis.

He was able to take control of Havas last summer without a full takeover by gaining board seats and ousting chairman and CEO Alain de Pouzilhac.

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