A special resolution to create what are commonly called ‘blank check preferred stocks’ failed to secure the full backing of Flutter Entertainment shareholders at the company’s annual general meeting.
The gambling multinational is going through a period of restructuring, including some senior management changes. While Flutter remains the third largest gambling firm in the world by market cap, its shares have tumbled 55% year-to-date.
If approved, resolution 3(c) would have changed Flutter’s Articles of Association to allow “the issuance of preferred shares with rights and preferences to be determined by the Board from time to time”.
This is otherwise referred to as a ‘blank check preferred stock’.
