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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news