European Bitcoin treasury companies Capital B and BTC AB are seeking shareholder approval for significant capital increases and credit instruments to boost Bitcoin holdings per share. However, investors face the challenge of assessing whether financing costs and dilution will outweigh the benefits of increased Bitcoin exposure.
Strategy (formerly MicroStrategy) added $100M in Bitcoin, increasing its holdings to 846,842 BTC. This move reignited debate over whether the company is creating or destroying value for common shareholders, as Bitcoin per share metrics declined despite increased holdings.
BP chair Albert Manifold excluded a shareholder resolution from Dutch investor group Follow This from Thursday's annual meeting, prompting significant shareholder rebellion. The resolution would have required BP to describe how it would protect shareholder value if oil and gas demand falls. BP received only 47% support for a climate reporting resolution and 18% voted against Manifold's re-election. Legal & General Investment Management cited the resolution exclusion as a reason for voting no. Shell took a different approach, allowing a similar resolution.
Associated British Foods announced the demerger of its Primark arm, sending shares down 5.6%. The spin-off aims to create a pure play food producer on FTSE 100 and unlock Primark's potential as a standalone listed business. The discount retailer faces intensifying competition from Chinese online giants Shein and Temu, with ABF reporting a 2% revenue fall and 18% profit drop in H1.
