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

 


Abano sets Black Friday for special meeting

Abano sets Black Friday for special meeting, Hutson seeks one-on-one with Janes

By Paul McBeth

May. 23 (BusinessDesk) - Abano Healthcare shareholders will vote on whether to dump chairman Trevor Janes on Black Friday next month after the medical investor set the date for a special meeting called by a pair of disgruntled shareholders who own almost a fifth of the company.

Investors will vote on whether to remove Janes from Abano's board with immediate effect on June 13 in Auckland, according to the notice of annual meeting released today. Janes abstained from endorsing the directors' recommendation to shareholders urging them to vote against the resolution. The meeting was called by Peter Hutson and James Reeves as they seek a boardroom shake-up since their involvement in an aborted takeover attempt last year.

"Hutson and Reeves' continuing and destructive actions risk destabilising the company, devaluing your investment and eroding shareholder value," the directors said in a letter to shareholders. "It is our duty to protect the interests of all our shareholders and the value of your investment."

Hutson, who owns the other 50 percent of Abano’s Bay International audiology business and would have gained full control for a nominal sum under last year’s aborted takeover, was removed from the board last September. Last week the Employment Relations Authority upheld Abano’s right to sack Peter Hutson and his wife Anya from their positions at Bay as chief executive and human resources director.

Separately, Hutson and Reeves are seeking a public debate between Hutson and Janes in the lead-up to the vote, putting forward their respective cases in front of shareholders in two sessions, one in Auckland and one in Wellington.

Abano shares fell 0.4 percent to $7 and have gained 10 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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