Schroders has streamlined its share structure, which is understood to have pared back the influence the founding family has over the firm bearing its name.
On Tuesday, the Schroders board confirmed that the company’s 56 million non-voting ordinary shares have been re-designated into ordinary shares complete with full voting rights. The non-voting shares subsequently had their listing cancelled and the company no longer has any such shares in issue.
Existing ordinary shareholders were granted a bonus issue of three additional ordinary shares for every 17 they held, by way of compensation for the dilution of their voting rights.
When announcing the initial proposal back in April, the board said: “This will enable all shareholders, who share the same economic rewards and risks, to have the same voting rights. It will also increase the liquidity of the shares.”
Schroders has confirmed to Portfolio Adviser that the Schroders family’s stake has dropped from 48% to 43.11%.
