MAM
Cordiant shareholders approve WPP buyout, sack top executives
LONDON: Shareholders of the struggling British advertising network Cordiant Communications Group removed top executives from the board before approving a buyout by Martin Sorell’s WPP Group. WPP, the world’s third-largest agency company, takes control in August
At the meeting held on 23 July, Cordiant’s chief executive David Hearn, chairman Nigel Stapleton, chief financial officer Andrew Boland were removed from the board. But corporate governance experts said the move was very rare.
An NYtimes.com report says that the buyout by WPP has been highly contested, particularly by Cordiant’s largest shareholder, Active Value Advisors. The major objection raised by the shareholders was that they were not getting a fair due for their holdings. However, over 99 per cent of shareholders voted for the deal because they were left without another choice.
In June, Cordiant had agreed to be bought by WPP in a deal that values the company at about ?10 million ($16.8 million). WPP also bought Cordiant’s bank debt for 100 per cent of its face value. In case of bankruptcy, the shareholders would get nothing, while the WPP deal grants them one WPP share for every 205 Cordiant shares they own, or about 2.5 pence each.
Ultimately, shareholders had their say when they voted 69 per cent in favor of ousting the three executives from the board. “A significant majority of the votes cast by shareholders other than Active Value were in favour of retaining the three directors, Active Value’s votes for removal were sufficient to pass the resolutions,” Cordiant said in a statement.
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Ola Electric announces Champion Mahotsav with Rs 10,000 benefits
Three-day offer across scooters and motorcycles celebrates India’s T20 World Cup win
BENGALURU: Ola Electric has announced #ChampionMahotsav, a three-day nationwide celebration offering benefits worth Rs 10,000 across its vehicle portfolio, following India’s historic third ICC Men’s T20 World Cup victory.
During the limited-period celebration, customers can avail benefits worth Rs 10,000 on any Ola scooter or Roadster motorcycle, extending the festive mood among fans after the national triumph.
An Ola Electric spokesperson said the initiative builds on the strong response received during the company’s earlier Match Mahotsav campaign held during the tournament final.
“Our Match Mahotsav during the T20 World Cup Final received an incredible response from fans across the country. To celebrate India’s historic third T20 World Cup victory, we are extending the celebrations for three more days with #ChampionMahotsav, offering benefits worth Rs 10,000 on any Ola vehicle,” the spokesperson said.
Ola Electric currently offers a broad portfolio of Gen 3 S1 scooters and Roadster X motorcycles.
The premium Gen 3 S1 range includes the Ola S1 Pro+ in 5.2kWh and 4kWh configurations, and the Ola S1 Pro in 4kWh and 3kWh options, priced at Rs 1,85,338, Rs 1,65,338, Rs 1,39,999 and Rs 1,19,999 respectively.
In the mass segment, the company offers the Ola S1 X+ with a 4kWh battery, along with the Ola S1 X in 2kWh, 3kWh and 4kWh configurations, priced at Rs 1,14,999, Rs 77,999, Rs 93,999 and Rs 1,09,999 respectively.
Ola’s motorcycle line-up includes the Ola Roadster X+ in 4.5kWh and 9.1kWh configurations priced at Rs 1,04,999 and Rs 1,84,999. The Ola Roadster X is available in 2.5kWh, 3.5kWh and 4.5kWh options, priced at Rs 74,999, Rs 87,999 and Rs 94,999 respectively.
With #ChampionMahotsav, the company aims to ride the celebratory wave across the country while encouraging more consumers to switch to electric mobility.
