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

 

'Irregular Accounting': Voluntary Suspension Of Fuji Xerox Govt Contracting

This suspension gives the Ministry of Business, Innovation, and Employment time to understand the full implications of the report from FUJIFILM Holdings into irregular accounting practices at FXNZ. More>>

ALSO:

MPI: Cow Disease Detected In NZ For First Time

MPI is responding to the detection of the cattle disease Mycoplasma bovis in a dairy herd in South Canterbury... The disease is commonly found in cattle globally, including in Australia, but it’s the first detection of it in New Zealand. More>>

South Island Flooding: Focus Moves To Recovery

As water recedes throughout flood-impacted areas of the South Island, Minister of Civil Defence Nathan Guy has praised the efforts of those who were involved in the response to the flooding... More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO: