Court could decide on future of Dee Valley Water

Responding to the Dee Valley Water EGM held at the Ramada Hotel, Wrexham, this morning, Llyr Gruffydd, Plaid Cymru AM said:

“The future of Dee Valley Water and its staff hangs in the balance after this morning’s EGM. Despite the meeting, it’s clear that next week’s court ruling on whether new shareholders can vote on this crucial matter is going to decide matters.

“These new shareholders are, as far as I’m aware, key to the final decision. Severn Trent needs 75% of the total shares, which it seems they obtained today through proxies. But crucially 50% of shareholders also have to agree to the bid so these new shareholders could scupper that majority if the court permits them.

“So the final decision could rest with the court. In that event, I very much hope that the judge’s decision will be made on the basis of fairness and equality – new shareholders are just as deserving of a vote as existing shareholders. Many workers and their families at Dee Valley Water now have a small stake in the company and they deserve a voice just as much as the large institutional shareholders. It would be a miscarriage of justice to prevent them from having a say.

“I will continue to campaign with the staff and fight for their best interests. This is about jobs, local suppliers, customer service and the economy but it’s also about a vital natural resource and whether the water industry in Wales should be run from Wales or from Coventry.”

From today’s Daily Mail – more detailed background:

http://www.thisismoney.co.uk/money/news/article-4110804/People-s-revolt-water-firm-takeover-Mystery-investor-hands-Dee-Valley-shares-locals-fight-84m-bid-Severn-Trent.html

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