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


Voting Outcome On CNIFP Proposal


Voting Outcome On Cnifp Proposal

Auckland, 15 August 2002 – Fletcher Challenge Forests advised today the following detailed results of the voting at the Special Shareholders’ Meeting held on Tuesday 13 August 2002. The figures are expressed as a percentage of the total eligible votes cast, in each case.

Resolution 1 70.7% 29.3%
Resolution 2 (a) 60.4% 39.6%
Resolution 2 (b) 60.2% 39.9%
Resolution 2 (c) 60.2% 39.8%
Resolution 2 (d) 59.9% 40.1%
Resolution 2 (e) 60.0% 40.0%
Resolution 3 71.3% 28.7%

Resolutions 1 and 3 required a 75% majority vote to be passed, and Resolutions 2a to 2e required a 50% majority vote to be passed. Therefore, Resolutions 1 and 3 were lost, and Resolution 2 was passed. The transaction cannot however proceed, because all resolutions were required to be passed for this to occur.

Rubicon, a 17.6% shareholder, was the major shareholder disqualified from voting on Resolution 2.

The following is a summary of voting on Resolution 1 by our small shareholders, being shareholders with less than 1 million shares. A total of 11,030 small shareholders voted.

FOR: 65% (7,163 holders with a total of 276,455,980 shares or 67.1%)
AGAINST: 35% (3,867 holders with a total of 135,295,361 shares or 32.9%)


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>