Activist Toms Capital Sets Nov. 24 No-Confidence Vote Against Voya Board
VOYA sits 50% above its 52-week low of $64.5 on light trading volume (0.2× avg).
Summary
Activist Toms Capital has scheduled a non-binding no-confidence referendum for Nov. 24, escalating its campaign against Voya's board. The vote requires one-third of outstanding shares to be present or represented by proxy to proceed. Voya responded by calling the poll a 'straw poll' not sponsored by the company and advising shareholders not to respond, while also noting that its directors received over 98% support at the last annual meeting. Toms' litigation counsel, Quinn Emanuel, sent a letter demanding to inspect Voya's books and records regarding the company's public statements about seeking regulatory intervention. This follows months of Toms pushing for a sale of the company or its health insurance arm. The definitive proxy filing and company rebuttal mark a new phase in the activist fight, with the meeting date now concrete.
At the time of this announcement, VOYA was trading at $96.51 on NYSE in the Finance sector, with a market capitalization of approximately $8.7B. The 52-week trading range was $64.50 to $105.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.