Cognition Holdings' shareholders are concerned over the deal as well as the lack of directors at this year's annual general meeting.
Cognition Holdings, a niche technology player, endured a long and stormy general meeting on Friday to pass resolutions related to its proposed acquisition of the Private Property online real estate portal.
Cognition Holdings Limited is an investment holding company. The Company is an information, communication and technology company that specializes in providing its clients with insights about their customers in order for the client to provide products and services. Its segments include Active Data Exchange Services, and Knowledge Creation and Management.
Cognition will acquire a majority stake in Private Property from printing and publishing group Caxton. Caxton is a 34.9% shareholder in Cognition, and will boost its stake to about 63% after taking scrip to settle the Private Property deal.
The meeting got off to a fractious start when significant minority shareholder and media magnate William Kirsh, as well as shareholder activists Chris Logan and Albie Cilliers, took exception at five directors, including CEO Mike Smith and chairman Ashvin Mancha, being absent.
They called for an adjournment of the meeting, arguing that the directors’ absence precluded shareholders questioning them around the Private Property deal.
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