WH Smith to merge two share classes
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.WH SMITH, the retailer and newspaper distributer, yesterday broke with a 40-year tradition when it announced that it was to merge its two classes of shares.
The group's B shares date from 1949, when it was floated as a public company after the death of its founder Lord Hamilton. They have a nominal value of 10p, a fifth of the 'A' shares but equal voting rights, and were designed to give the family protection after the company went public. They receive only a fifth of the A share dividend, however.
Under proposals that have to be agreed with shareholders, five B shares will be merged to create an A share. As compensation for the loss of voting rights, holders will be given 15 new shares for every 100 B shares held before consolidation.
The B shares closed 1p lower at 119.5p, while the A's rose 2p to 512p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments