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XMET: Extraordinary or Special General Meeting

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XMET announces an extraordinary or special general meeting, called outside the annual cycle to decide a specific matter such as a merger, a capital increase or a change to the articles. Voting is voluntary; holders instruct before the deadline.

Code
XMET
Usually announced as
VOLU

What XMET means

Companies call an extraordinary general meeting (EGM) when a decision cannot wait for the annual meeting or needs a special majority: approving a merger, a capital increase, a change of domicile or a delisting. XMET passes the meeting details and voting options down the custody chain.

The ECB SCoRE rulebook and Clearstream list XMET as VOLU. The meeting organiser may offer a cash incentive to holders who vote, usually for a stated proposal; this then appears as an incentive premium.

XMET is not in the event code list of seev.031. In ISO 20022 the meeting is announced in seev.001 with meeting type XMET, and votes are sent in seev.004.

When you see it

  • In an MT564 with :22F::CAMV//VOLU, the meeting date (:98a::MEET), the place, the agenda (often in an MT568) and the response deadline. It often comes before a MRGR, a RHTS or a PLAC.
  • XMET vs MEET and OMET: those are the annual and ordinary meetings. XMET vs BMET: BMET is a bondholder meeting. When ordinary and extraordinary business are combined, ISO 20022 uses the meeting type MIXD.

What to do next

  • Apply the voting policy and send votes with an MT565 before the response deadline; monitor the MT567 status.
  • EGM decisions often lead to a follow-on corporate action: link the meeting to the expected event so the operations team is ready.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT564 sequence A (GENL), :22F::CAEV//XMET with :22F::CAMV//VOLU
  • MT565 sequence A, :22F::CAEV//XMET for the voting instruction

MX (ISO 20022)

  • Not in the event type code list of seev.031 (checked in seev.031.001.08 to .16)
  • ISO 20022 meetings: seev.001 Meeting Notification, Mtg/Tp = XMET; votes in seev.004