Position of major holders of preference shares on proposal
On 29 March 2010, Unilever N.V. announced a proposal to its general meeting of shareholders to improve and simplify its corporate governance and capital structure.
Unilever N.V. proposes to cancel the 4% Unilever N.V. cumulative preference shares and to seek authorisation to buy back its 6% and 7% Unilever N.V. cumulative preference shares. Unilever believes these actions will reduce the disproportionate voting rights in relation to the economic value. Unilever N.V. now announces that it has been notified by the three major holders of these preference shares that they will vote against these proposals in tomorrow's Unilever N.V. general meeting of shareholders. They also do not intend to tender their preference shares in the proposed offer.
The position of these holders does not change Unilever N.V.'s proposals and given the anticipated wide support of other shareholders, Unilever N.V. is optimistic that the proposals will be approved by the general meeting of shareholders as a whole (although, as before, of course no certainty can be provided on matters within the remit of the Unilever shareholders).
This press release relates to Unilever N.V. only (and not to Unilever Plc).