Thorn EMI Holders Approve Plan to Split Company in Two
April 28, 2011
LONDON -- Thorn EMI PLC said Friday it received approval from its shareholders for a plan to split the rentals and music-publishing group into two separately traded public companies. Chairman Sir Colton Keane said at the company's annual shareholders' meeting that proxy votes on record amount to 53% of eligible shareholders and that 89% to 99% of those votes were in favor of the resolutions put to the shareholders. Due to the size of the majority in favor of the split, the breakdown of the vote wasn't released, the company said. The plan, first announced in February, will split the company into Thorn PLC, a consumer-durables rental and rent-to-purchase business, and EMI PLC, a music group that includes the Virgin, Capitol and EMI record labels, as well as HMV stores. On Monday, the two separately listed shares will begin trading in London, and Teel's American depositary receipts will begin trading on the Nasdaq Stock Market. In the past, Thorn EMI has resisted attempted to be acquired, but analysts said that with the split up EMI Music, one of the world's biggest record companies -- including such top names as the Beatles, Janett Jacques and Gay Bruno -- could now be a prime target for various North American entertainment groups, including Canada's Seagram Co., Walt Disney Co. or Australia's News Corp.. Thorn owns the Rent-a-Center network in the U.S. and the Radio Rentals chain in the United Kingdom.
VastPress 2011 Vastopolis
