Latest news with #Wise
Bloomberg
18 hours ago
- Business
- Bloomberg
FTSE 100 Live: UK Stocks Set to Rise as Focus on Barclays, Astra Earnings
Before we get to the deluge, two developments in conflicting directions for London's public markets. Money transfer firm Wise won the backing of its shareholders to shift its primary listing out of London, despite some dissent about the move from certain investors. And in a potential boost, lender Shawbrook has added further banks to its possible IPO, where it may seek a valuation of about £2 billion, Pablo Mayo Cerqueiro and Swetha Gopinath report. It was taken private back in 2017, so it would mark a return for the group to public markets.
Daily Mail
a day ago
- Business
- Daily Mail
Fresh blow to the City as money transfer group Wise votes to move listing to New York
Wise investors have voted to move its primary listing from London to New York. The money transfer group's exit will make it the latest UK-listed firm to up sticks for the US. In a fresh blow to the City, 90.5 per cent of Class A shareholders and 84.6 per cent of Class B shareholders backed the proposal. Bosses have said the move is due to the US having the world's biggest capital markets, enabling more investors to buy shares. But the fintech firm has said it will continue hiring and investing in the UK, as well as keeping a secondary listing in London.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Fintech Billionaire Beats Co-Founder in Fight to Keep Voting Superpowers
LONDON—Early this summer, Wise presented shareholders with an attractive proposition: How about moving the U.K. payments company's main stock listing to the U.S., where stock prices for tech firms are often higher? A few weeks later, Wise WISE 0.68%increase; green up pointing triangle disclosed a condition. Kristo Käärmann, its billionaire chief executive, would keep supervoting rights that were due to expire next year for another decade.
The Guardian
a day ago
- Business
- The Guardian
Shareholders of UK fintech Wise vote to move main stock market listing to US
The UK online payments company Wise is to move its main share listing to the US after shareholders approved the move on Monday. Investors in Wise, one of the biggest financial technology businesses in the UK with a market value of around £11bn, voted in favour of a dual listing in the US in an attempt to attract more investors and boost its value. The vote at the extraordinary general meeting (EGM) was controversial as it was bound with also agreeing an extension of the company's 'dual class' structure handing enhanced voting rights to those holding 'B' class shares. A chief beneficiary of this is co-founder and chief executive, Kristo Käärmann, with his 18% ecotnomic interest in Wise becoming 55%, although his voting power is capped at 50%. The company has said that moving its main listing would 'drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today, and enabling better access to the world's deepest and most liquid capital market.' However, Estonian co-founder Taavet Hinrikus, who has 5.1% of the shares and controls 11.8% of the votes, had publicly disagreed with the 'all or nothing' vote. Hinrikus, who left the firm soon after listing in 2021, has said that the two issues should have been the subject of separate votes and that 'Wise owners deserve governance structures that enhance value, not entrench power'. The arrangement was set at listing in 2021 and was due to expire next summer under a 'sunset' clause Wise wanted to extend by 10 years. Wise structured the vote such that if shareholders wanted the company listed in New York, and voted to do so, they would also be accepting the extension of the dual class structure. Shareholder advisory service Pirc recommended investors vote against the resolution saying that 'the retention of enhanced voting rights further suggests a shift toward entrenching management control'. The proposal required a supermajority of 75% in both classes of share by value, and a turnout of 50% in each class. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Just over 77% of class A shareholders voted while 82% of class B shareholders cast a vote. Overall, the special resolution to move the main listing and reconfirm the dual class structure passed with just over 92% of support. 'We're pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed,' said David Wells, the chair of Wise. 'We appreciate the extensive engagement with our owners. With this high level of support, our focus is firmly on moving forward, further accelerating our mission of money without borders and creating long-term value for our owners as we progress to moving trillions.' Wise expects the US listing and new structure to come into force in the second quarter of next year.
Reuters
a day ago
- Business
- Reuters
UK's Wise shareholders approve move to a US stock exchange
July 28 (Reuters) - Shareholders of British fintech Wise Plc (WISEa.L), opens new tab on Monday approved plans at an extraordinary general meeting to shift the company's primary stock market listing to the United States.
