Wise (LSE: WISE) looks set to overpower a last-minute shareholder rebellion led by its own co-founder ahead of a crucial vote on its proposed shift to a US stock market listing and an extension of its dual-class voting rights, Sky News reports.
The fintech giant, valued at over £10.5 billion, will hold a general meeting on today to decide whether to proceed with its transatlantic ambitions. But the outcome already appears lopsided. Only a small fraction of investors are understood to have sided with Skaala, the vehicle of former co-founder Taavet Hinrikus, who has tried to block the plan.
At the heart of the row is Wise’s bid to preserve CEO Kristo Käärmann’s control through an extended dual-class structure that would run until the mid-2030s. Skaala insists this is undemocratic and risks falling foul of the High Court due to procedural concerns. It proposed alternatives that would separate the governance vote from the listing decision, but Wise rejected them.
Despite the noise, major shareholders seem unbothered. Backing appears firmly in Käärmann’s corner, with investor sources expecting Skaala to attract only limited support.
Wise’s share price has surged more than 40% over the past year, reinforcing the CEO’s position and leaving his former business partner increasingly isolated in the courtroom of shareholder opinion.