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At its 2020 AGM, held on 14 May 2020, TI Fluid Systems plc (TI Fluid) experienced significant shareholder dissent, as 57.30% voted against the proposed final dividend, consequently causing the resolution to fail.
On 11 May 2020, TI Fluid confirmed its intention to pay a final dividend of 5.20 pence per ordinary share. The board expressed their confidence in the group to ‘recover’ and ‘effectively manage the impact of COVID-19 pandemic’ due to its ‘strong customer relationships and efficient global footprint’.
This comes despite the company reporting a ‘significantly lowered global light vehicle production environment due to the impact of the COVID-19 pandemic’, as well as revenue loss of 16% year on year. In response to the pandemic, the company has taken several steps to mitigate the impact and conserve cash. This includes furloughing workers, and salary reductions for the board, senior management as well as for many employees.
The US private equity firm Bain Capital, which owns 54% of TI Fluid, was a significant opposer of the proposed dividend, but has since reiterated its confidence in the company’s management team and board.
Due to the global uncertainty caused by COVID-19, many companies have decided to cancel dividends in a bid to conserve cash. According to investment company, AJ Bell, dividend cancellations by UK companies have now exceeded £30bn. This includes BT Group plc which has suspended the 2019/2020 and 2020/21 dividends, and Melrose Industries plc, which cancelled its final dividend. Alongside this, major banks including Barclays, RBS and HSBC have also suspended dividends after the recommendation to do so by the Prudential Regulation Authority in March 2020.
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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