Grocery retail giant Woolworths (ASX:WOW)
’s spin-off of its liquor, hospitality and gaming arm has received overwhelming shareholder support.
The company’s proxy vote on the demerger received 700 million ballots and found 99 per cent of participants in favour of the intiative.
Shareholders received a strong recommendation from the Woolworths board and proxy advisors to give their blessings to segregation of Endeavour Group from Woolies.
Australia’s largest supermarket operator has planned this move for five years and shareholder approval signifies investors’ confidence in deal.
The vote’s proceedings were conducted in efficient fashion, as most questions from shareholders concentrated on the demerger details.
The event did not address the Fair Work Ombudsman’s potential lawsuit against Woolworths over the company’s alleged underpayment of $1.17 million to staff between 2018 and 2019.
Shares in Woolworths (ASX:WOW)
are trading 1.5 per cent lower at $42.70