The UK M&A market saw an upturn in 2014 and this positive momentum continued into the beginning of 2015. RD:IR in turn began the year by carrying out two M&A proxy solicitation campaigns, the first for Salamander Energy plc and the second for Friends Life Group Ltd.
Salamander Energy plc, a FTSE 250 Asia-focused oil exploration company, reached an agreement to be acquired by Ophir Energy plc in an all share deal in November 2014, to be effected by a Court-sanctioned scheme of arrangement. The scheme required the approval of Salamander shareholders at both a court meeting and a general meeting in February. Our campaign to Salamander institutional investors helped ensure the successful passing of all resolutions at both meetings, with a large majority of 95% of Salamander shareholders voting in favour of the takeover.
Continuing the M&A trend, Aviva plc agreed to buy Friends Life Group Ltd in December 2014 in an all-share deal between the two FTSE 100 companies. The deal, worth £5.6bn, created the largest UK insurance deal since 2000.
RD:IR conducted a proxy solicitation campaign to Friends Life institutional shareholders to ensure maximum voting. This resulted in more than 99.9% of Friends Life shareholders voting at the general meeting to support the deal, which overwhelmingly passed the 75% threshold required for the two companies to combine.
During the AGM proxy season RD:IR was pleased to provide proxy and corporate governance services to a number of clients, among them: Tullow Oil plc, bwin.party digital entertainment plc and Faroe Petroleum plc.