High noon for N.Z. Cement

Press, 11 December 1976, Page 16

High noon for N.Z. Cement

An anomaly in the Articles of Association of New Zealand Cement Holdings, Ltd, almost ended the annual meeting before it had properly begun at noon at Noahs Hotel today.

At the beginning of the meeting, a shareholder, Mr J, D. Jackson, pointed out that while Article 53 had been changed at the last annual meeting to provide 14 days notice, instead of 21 days, before the annual meeting, Article 130, which requires the balance sheet to be issued 21 days before the meeting, had been left un-' changed. This caused some hurried consultations, and it was uncertain whether the annual report, which includes the balance sheet, had been posted 21 days before the meeting. However the chairman of New Zealand Cement (Mr J. iP. Cook) decided to proceed I with the meeting, on the proviso that if objections were made a special meeting would be held later to ratify the decisions of the annual meeting. When Mr Cook finished his annual address and called for comments from the floor, Mr Jackson again stood up and asked whether the recommended final dividend could be paid because of the anomaly. Mr Cook replied that the directors would look into the matter of the dividend after the meeting was finished. Asked after the annual meeting, whether the recommended final dividend of 5c a share (5 per cent) would be paid, as recommended, Mr Cook said it would be.