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Brenntag is a chemical distributor. Co. provides its customers and suppliers a range of services and global supply chain management as well as a chemical distribution network in Europe, North and Latin America as well as in the Asia Pacific region. Co. manages its business through its regionally structured segments in Europe, North America, Latin America and Asia Pacific. Co. provides a range of products as well as services such as just-in-time delivery, product mixing, blending, repackaging, inventory management, drum return handling as well as technical and laboratory services for specialty chemicals.
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General: Supervisory Board member Ulrich M. Harnacke is a member of the Presidency of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 5: PwC, Düsseldorf, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that PwC has audited the Company since at least the financial year 2008 (no earlier data available) which exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of PwC as auditor.
BRENNTAG AG (DE), a company active in the Specialty Chemicals industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 7, 2019, the closing price was EUR 46.17 and its expected value was estimated at EUR 46.77.
The Company has paid a dividend in respect of the financial year, however no resolution to approve the distribution has been proposed at the general meeting. Item 2: Approve the New Remuneration policy The company proposes to remove the Bonus Plan for 2019/20. Therefore, variable incentives will solely be based on 2011 awards performance condition of £2 of return required each year for the tranche of options to vest, and £2 of return required each year for any of the ‘banked’ shares to vest. Thus, there will be an insufficient alignment between incentive pay and Company strategy. Moreover, ...
Il est proposé de modifier les statuts afin de créer la fonction de censeur et de nommer à ce poste le groupe L’Oréal, via son fonds d’investissement BOLD Business Opportunities for L’Oréal Development, qui a participé à une augmentation de capital en juin 2019 lui permettant de devenir le premier actionnaire de la société avec 17,3% du capital et des droits de vote. Bien qu'il soit légitime que le principal actionnaire de la société siège au conseil, le choix d'y figurer en tant que censeur ne sera pas soutenu. En effet, Proxinvest n'est pas favorable à la présence d'un censeur au sein du co...
Il est proposé une offre publique de rachat auprès de tous les actionnaires de la société au prix de 6,50 € portant sur 18,84% du capital. Selon la société, cette offre constitue une opportunité offerte aux actionnaires de céder leurs actions avec une prime et de trouver une liquidité que le marché ne leur offre pas aujourd’hui. Il est positif de donner aux actionnaires la possibilité de céder leurs actions. Cependant, cette opération d'OPRA pose la question de l'absence de projets d'investissements rentables identifiés par la société. Par ailleurs, le problème de liquidité soulevé semble inc...
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