A co-founder of Smart desires the world’s most influential company voting advisory companies to vary their judgements on plans that will cement management of the money-transfer service within the fingers of a small band of traders for one more decade.
The row has arisen amid plans for Smart to shift its major itemizing to New York, the place dual-class possession constructions are much more widespread.
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The construction was put in place in 2021, when Smart floated in London with a pledge that it might revert to a single class of shares 5 years after its inventory market debut.
Mr Hinrikus’s possession car – Skaala Investments – holds simply over 5.1% of Smart’s shares, a stake price roughly £450m on the present inventory value.
On account of its possession of Class B shares, Skaala additionally holds roughly 11% of Smart’s voting rights.
“We are keen to discuss this with them and for them to revise their reports ahead of the vote.”
Mr Hinrikus has been angered by Smart’s refusal to separate the questions of the US itemizing and the dual-class voting construction into distinct resolutions at its forthcoming basic assembly to approve the transfer.
In a press release issued extra broadly on Monday, Skaala stated “this material governance change was not clearly disclosed to Wise’s share owners”.
It was unclear which different shareholders in Smart had been sad on the firm’s strategy.
Smart stated: “The dual-class share structure is essential to ensuring our continued successful performance”.
