Latest news with #KristoKaarman
Daily Mail
21-07-2025
- Business
- Daily Mail
Wise co-founder urges investors to reject plan to switch its listing from London to New York
Wise's co-founder has called on investors to reject the plan to switch its listing from London to New York. Taavet Hinrikus is urging a vote against the fintech's move due to concerns over shareholder rights that are tied up with the proposal. Wise's decision to shift its primary listing to the US dealt a body blow to the City when it was announced last month. It will add to the exodus of firms from Britain following the likes of gambling giant Flutter and equipment hire firm Ashtead. Shareholders are due to vote on the plan next week. Wise is led by chief executive Kristo Kaarman, who founded the company with fellow Estonian Hinrikus in 2011. Hinrikus has since left but still owns a 5.1 per cent stake via his firm Skaala Investments. Olivia Rodrigo and Sabrina Carpenter also performed at the British Summer Time Festival in Hyde Park, London. Some 61 per cent of concert-goers have travelled from across the UK to gigs in London so far this summer, according to Live Nation. And 16 per cent have travelled from abroad. One in five adults are spending money on concerts this summer, according to Barclays. And Brits are also set to spend £1.06billion during Oasis's tour, economists at the bank predict. Skaala criticised the plan in a statement made public yesterday – because investors are also being asked to vote on extending additional voting rights to one group of shareholders. Under Wise's dual share structure, those who own 'class B' stocks have greater voting power than those with 'class A' stocks. This arrangement had been due to expire in July 2026, but under Wise's new proposals, it would be extended for ten years. Skaala said it was 'deeply troubled' by Wise's plans, claiming the class B shares move was 'buried in the proposal'. It said the plans would entrench 'disproportionate power in the hands of a few', including Kaarman, and that it was 'entirely inappropriate and unfair' to combine the listing location and governance changes into a single vote. 'This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values,' a Skaala spokesperson said. It added that a number of other shareholders are also opposed to the plans, without giving further details. Skaala said that the extension 'significantly deviates from accepted governance norms' and urged shareholders to reject the proposal unless the issues are separated. Wise said that while it took Hinrikus's views seriously, the dual-class share structure was essential for the company's success. A spokesperson for Wise said shareholders have so far been 'overwhelmingly in favour' of the proposal, and cited the backing of advisory groups including ISS, Glass Lewis and PIRC. Last week, the company suffered a separate setback when it reported lower than expected quarterly profits. The results sent shares plunging and could make prospective investors in New York more cautious ahead of the listings switch.
CNA
21-07-2025
- Business
- CNA
Wise co-founder opposes US listing proposal over voting rights changes
One of the founders of money transfer company Wise has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1 per cent stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal.
Yahoo
21-07-2025
- Business
- Yahoo
Wise co-founder opposes US listing proposal over voting rights changes
By Elizabeth Howcroft (Reuters) -One of the founders of money transfer company Wise has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1% stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
21-07-2025
- Business
- Reuters
Wise co-founder opposes US listing proposal over voting rights changes
July 21 (Reuters) - One of the founders of money transfer company Wise (WISEa.L), opens new tab has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1% stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal.
