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

 


NZX Regulation approval not needed on rival Abano proxy form

NZX Regulation approval not needed on Hutson and Reeves' Abano proxy forms

By Suze Metherell

June 6 (BusinessDesk) - NZX Regulation has clarified that its approval is not needed for Abano Healthcare's dissident shareholders Peter Hutson and James Reeves to send out proxy forms to shareholders ahead of the June 13 special meeting.

While Abano did and is required to seek regulatory approval before sending out a notice of meeting and proxy forms, NZX approval is not needed in relation to anyother proxy form sent to shareholders in relation to the meeting, the stock market operator's regulation arm said in a statement. NZX Regulation said shareholders need to give due consideration as to who they appoint as their proxy ahead of next Friday's special meeting.

Hutson and Reeves, whose interests own about 19 percent of the company, have sent shareholders a proxy form after they called the special meeting to force the vote to dump chairman Trevor Janes, an established professional director. The two have since filed papers with the High Court to delay the meeting, saying the timeframe was "inadequate" and "impracticable" to call and conduct the meeting, according to papers filed in the High Court. Reeves said the short timeframe will be most acute for retail shareholders who own about 50 percent of Abano.

The company issued the notice of meeting last Friday, with the board recommending shareholders oppose the vote to dump the chairman. Janes abstained from endorsing the directors' recommendation. The board has written to shareholders warning that the Hutson and Reeves proxy form is not the official Abano proxy form.

According to Abano's constitution, proxies must be lodged 48 hours in writing before the meeting but doesn't specify whether proxies must use the company's own form. Abano didn't respond to BusinessDesk's question on whether there would be any difference in recognising votes via Hutson and Reeve's proxy forms.

NZX Regulation said it was considering a complaint concerning the running of Abano's 2012 annual meeting and whether the company had complied with the listing rule which requires at least one-third of directors retire. It's also looking at a complaint as to whether a report by Grant Samuel released to the market prior to the 2013 annual meeting complied with the listing rule which prevents companies from issuing false or misleading information.

In a separate statement the Financial Markets Authority sought to clarify that wasn't taking any action against Abano, saying shareholder correspondence from Hutson's investment vehicle Healthcare Industry and Reeves' Steamboat Capital might imply it was investigating Abano over the disclosure of financial information was false.

Shares in Abano were unchanged at $6.65 today, and have gained 4.4 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news