11 April 2024

At a General Meeting held on 3 April, 56.65% of the votes cast were in favour of Resolution 1. As Resolution 1 was proposed as a special resolution (75%) it was not carried. DSM cannot, therefore, implement its proposed B Share Scheme to return cash to shareholders in accordance with its investment objective and policy.

Other than shares controlled by Milkwood Capital, a new investor opposed to the managed wind-down of DSM, less than 0.28% of the votes cast voted against Resolution 1. Given that the votes cast in favour of Resolution 1 shows continued support from shareholders for the managed wind-down of the Company and the distribution of cash proceeds, the Board has decided today to declare a special dividend of 30p per share, equivalent to £13.98m, with a further special dividend of at least £3.7m (which would equate to 8 pence per share) expected to be made by 30 June 2024. 

Chairman Hugh Aldous commented: "As a Board, we are committed to doing the right thing for all our shareholders. We believe that the B Share Scheme offered a tax-efficient and cost-effective way of giving effect to the wishes as overwhelmingly expressed by our shareholders on 28 February. However, given today's result and the fact that our preferred proposal has been blocked by a new shareholder with an agenda of its own, we believe that the correct thing to do is to press ahead with a dividend to shareholders which, while not our preferred route, has the merit of fulfilling the mandate we were given to wind-down the Company and return cash proceeds forthwith."

On 11 April, the shares of DSM went ex-dividend – for those shareholders on the register at that date they will receive a dividend of c.30p on or around 26 April 2024. 

The full announcement can be found here

Related announcements:‍‍‍

Update on circular for General Meeting
Publication of a circular for a General Meeting