Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Hutson, Reeves seek SGM to vote on Janes ousting from Abano

Hutson, Reeves seek special meeting to vote on Janes ousting from Abano

April 23 (BusinessDesk) - Abano Healthcare shareholders Peter Hutson and James Reeves invoked their rights under the Companies Act to call for an extraordinary general meeting next Monday to consider a resolution to dump Trevor Janes as chairman and freshen the rest of the board.

The meeting would be preliminary to agree to an actual vote at another EGM on May 30 on whether to remove Janes as a director, giving Hutson's investment vehicle Healthcare Industry time to put its case in a statement to shareholders.

The two investors say Abano's dental clinics are underperforming, providing an investment return of 3-4 percent a year since 2010 – less than banks are offering on deposit – and with more risk.

"Abano requires injection of fresh leadership talent proven in a commercial setting and rich in operational experience," Hutson and Reeves say in an emailed letter to the board. "This starts with the chairmanship of Abano followed by an orderly transition to a skills-based Abano board in line with the needs of the business."

Both Abano and the hostile shareholders have furnished valuations to support their offers and counter-offers. And they have exchanged pointed jabs through a thwarted takeover attempt when they teamed up with Archer Capital. That continued today with Hutson and Reeves signing off their letter by saying they expect Janes will be transparent about his career history including directorship of failed finance company Capital + Merchant.

Healthcare Industry, Reeves's Steamboat Capital and Archer were rebuffed in an attempted takeover of the company and in turn rejected a $12.9 million cash offer from Abano to buy out the 50 percent of Bay International that Hutson owns.

Abano shares fell 0.5 percent to $6.50 today, and have gained 2.5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news