High Court clears Abano special meeting for Friday
By Suze Metherell
June 11 (BusinessDesk) - The High Court in Auckland has rejected the bid by Abano Healthcare's dissident shareholders to delay the special meeting they called, where they're seeking to dump the medical investor's chairman, Trevor Janes.
Peter Hutson and James Reeves, whose interests own about 19 percent of the company, filed papers in the High Court in Auckland at the end of last month, seeking to delay the June 13 meeting by three to four weeks, saying the time-frame was "inadequate" and "impracticable" to call and conduct the meeting. Justice Thomas today rejected the application and the meeting will proceed this Friday at 10 am, Abano said in a statement.
The company issued the notice of meeting on May 23, with the board recommending shareholders oppose the vote to dump the chairman. Janes abstained from endorsing the directors' recommendation.
Shares in Abano were unchanged at $6.90, and have gained 8.3 percent this year.