Exchange-traded fund firm PowerShares Capital Management has won approval from shareholders of 32 of its 37 ETFs for proposals related to its acquisition by Anglo-American fund manager Amvescap. Twenty of the 25 funds that failed to achieve a quorum– necessary to approve the plan – in June did so this week. PowerShares will work to achieve a quorum on the remaining five – the Dynamic Oil & Gas Services, Aerospace & Defense, Value Line Timeliness Select, WilderHill Clean Energy and Water Resources portfolios – by the end of this month.
“We are pleased to have a quorum and shareholder approval for 32 of our funds,” PowerShares CEO Bruce Bond said. “We are focusing in on reaching the shareholders of the remaining five funds and believe we remain on target to close with Amvescap PLC in the third quarter.”
Wheaton, Ill.-based PowerShares has hired proxy solicitors The Altman Group to contact shareholders in an effort to get enough votes to pass the proposals.