Wise faces a shareholder revolt today over its plan to move its primary listing to New York – after a falling out between its founders.
Taavet Hinrikus – one of the fintech firm’s founders – has urged investors to vote against the move on the grounds of concerns about shareholder rights that are tied up with the proposal.
Wise’s planned departure has been described as a ‘hammer blow’ to the City and will make it the latest in a string of UK-listed companies upping sticks for the US.
Wise has said shareholders are ‘overwhelmingly in favour’ of the plans. A shareholder meeting to rubber stamp the move will be held today.
Concern: Wise faces a shareholder revolt over its plan to move its primary listing to New York
Wise is led by boss Kristo Kaarmann, who founded it with Hinrikus, a fellow Estonian, in 2011.
Hinrikus has since left the company but still owns a 5.1 per cent stake via his firm Skaala Investments.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .