October 16, 2018 / 11:16 AM / a year ago

Proxy adviser ISS recommends opposing Aryzta's capital hike plan

ZURICH, Oct 16 (Reuters) - Proxy adviser ISS recommended that shareholders oppose baking company Aryzta’s plan for an 800 million euro ($925.8 million) capital increase.

“The company’s largest shareholder, Cobas Asset Management (14.5 percent), has asked the board to convene an extraordinary general meeting to vote upon a package of alternative measures. In view of events leading up to this meeting, ISS has recommended to oppose the board’s proposal at this time,” ISS said in a statement on Tuesday.

Cobas Asset Management said on Monday it would support a 400 million euro capital increase. ($1 = 0.8641 euros) (Reporting by Oliver Hirt, Writing by Silke Koltrowitz; Editing by Michael Shields)

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