Word: templeton
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...investor has ever been able to win such a fight against hostile management, and HMC’s failure to do so by settling its claim is a relief to Templeton, according to Cassidy...
Since HMC began to publicly pressure Templeton, the funds’ discounts have decreased considerably. The China fund, which currently trades at a three percent discount, averaged a 12 percent discount last year, while the Dragon fund, which currently trades at a 12 percent discount, averaged a 14 percent discount last year, according to Morningstar...
...settlement dictates that Templeton will propose open-ending the smaller China World fund with HMC’s backing at the fund’s annual meeting in April, which would eliminate the fund’s discount. If the proposal succeeds, which is likely, HMC will divest itself of its 30% holding of China World stock within 30 days...
...will also refrain from investing in Templeton funds or lobbying Templeton shareholders for four years, according to the terms of the deal...
While the settlement should have few long-term ramifications for HMC, Templeton or the mutual fund industry as a whole, it sends the message that it remains tough for shareholders to impose their will on fund managers, Cassidy said...