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Shareholders reject TCI's J-Power dividend proposal

Wed Jun 25, 2008 11:59pm EDT

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TOKYO, June 26 (Reuters) - A British activist fund fighting a proxy battle against Japanese electricity wholesaler J-Power (9513.T) was defeated in its proposals for dividend hikes at a shareholders meeting on Thursday.

Shareholders approved the company's plan of an annual dividend payment for the last business year of 70 yen, knocking back a proposal by the Children's Investment Fund (TCI) for an 80 yen payment.

An additional, more aggressive proposal from TCI to boost the annual dividend to 120 yen was also defeated.

Shareholders also approved the re-election of J-Power's management.

TCI is the biggest shareholder in J-Power or Electric Power Development Co, with a 9.9 percent stake.

Earlier this year, the government prevented TCI from doubling its stake in J-Power to 20 percent, the first time Japan has blocked a foreign investor on national security grounds. (Reporting by Junko Fujita)



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