CH2M Hill Shareholders Approve Proposal to Seek Minority Investment

CH2M Hill shareholders late last week approved a proposal that would allow the company to seek minority investment from outside investors. The proposal, as outlined in a proxy statement issued last month, involves the elimination of the “prohibition on the issuance of common stock, directly or indirectly, to persons other than employees, directors, consultants or employee benefit trusts without the consent of CH2M HILL stockholders, and to permit such third party investors to transfer CH2M HILL common stock, subject to any contractual limitations.” CH2M Hill has said the proposal is intended to help provide “greater flexibility” in raising capital, but also has stressed the move does not mean the company will be publicly traded.