A widely anticipated shareholder rebellion at Wise PLC (LSE:WISE) failed to materialise, as investors overwhelmingly backed the online payments firm’s plan to shift its main stock market listing to the United States.
Almost 91% of class A shares and 84.5% of class B shares supported the proposal, which also extends Wise’s “dual-class” share structure, granting enhanced voting rights to certain holders, including chief executive Kristo Käärmann.
The vote required a 75% supermajority in both share classes and bundled together the US move and governance changes, despite public criticism from co-founder Taavet Hinrikus and advisory group Pirc.
Wise, valued at around £11 billion, said the switch would boost its profile and access to capital in the world’s largest market.
The company expects the transition to be completed in the second quarter of next year.