93.3% of Ferrovial’s shareholders have voted in favor of its transfer to the Netherlands

Apart from Leopoldo del Pino, only 0.29% of the total capital of the company has voted against, thus ensuring the operation

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93.3% of the Ferrovial shareholders who have exercised their vote at the company’s shareholders’ meeting have voted in favor of the proposal to transfer its headquarters to the Netherlands, according to the minutes of the meeting.

The quorum of the assembly has reached 77.6% between attendees and represented, and of them that 93.3% have given their approval to item 10.1 on the agenda, which dealt with the merger with its Dutch subsidiary.

Ferrovial’s main shareholder is its president, Rafael del Pino, who controls 20.4% of the capital, followed by his sister María del Pino (8.2%); the British TCI fund (6.4%), founded by Christopher Hohn, a British billionaire who appears in position 273 on the Forbes list of the world’s greatest fortunes; his other brother Leopoldo del Pino (4.1%) and the funds BlackRock (3.18%) and Lazard (3%).

GREENWAY TO TRANSFER

Compared to the 93.3% who voted in favour, there are 5.79% against and 0.9% abstentions. However, since the quorum is 77.6%, the percentages of the company’s total capital would be lower.

Thus, taking into account 100% of the capital and eliminating the abstentions and the 4.1% of Leopoldo del Pino, who would have voted negatively, only 0.29% of all the capital of the company (including shareholders who do not have voted) would have opposed the operation, according to sources close to the company informed Europa Press.

Predictably, the president’s brother will not exercise his right of separation, that is, the sale of his shares to the company due to his opposition to the execution of this transfer, since it would mean the departure of the shareholders of the company that his father founded.

For this reason, even if the 0.29% of the rest of the shareholders who have voted against exercised this right of separation, it would not reach the 2.56% that the company has set as a limit for the operation to be blocked. In addition, shareholders who have not exercised their vote do not have the possibility of exercising the right of withdrawal.

In this way, the company has already fully ensured that the plan will go ahead without any further opposition. In this sense, all the shareholders who have participated in the meeting have been in favor of the operation, even criticizing the fact that the Government has expressed itself against the execution of this transfer.

In addition, corporate governance advisory firms have also highlighted the potential for action that this corporate move will have, which will ultimately improve shareholder returns.