Marra vote deferred again

Press, 30 August 1979, Page 19

Marra vote deferred again

NZPA ~ " Sydney The crucial vote by preference shareholders on a return of capital to the ordinary shareholders of Marra Developments, Ltd, was deferred again, this time until September 4, after Marra’s chairman (Mr Ron Brierley) failed to provide information sought by a major preference shareholder.

The return of 30c capital for each ordinary share is part of a deed of settlement aimed at solving the dispute between Marra, and some of its ordinary shareholders. The proposed return was to have been put to the vote at meetings of shareholders last week, but when a major preference shareholder—the Mutual Life and Citizens Assurance Co., Ltd—asked Mr Brierley for additional financial information, the meetings were postponed until yesterday. However, Mr Brierley said that after consultation with legal and other advisers, he had decided not to furnish the M.L.C. with the additional information. M.L.C. said it needed the information to make a decision on the proposed capital return. Ordinary shareholders voted to support the return, but the M.L.C. proposed a further adjournment of the meeting at which preference shareholders are to vote.

(Acceptance by the company of the return of capital requires a 75 per cent majority vote of both ordinary and preference shareholders, taken at separate meetings.)