Anzon Inv. revival

Press, 19 December 1989, Page 25

Anzon Inv. revival

By

REY CHAPMAN

Shareholders of Anzon Investments applied the kiss of life to the ailing organisation at an extraordinary meeting in Auckland yesterday but not before they had put the chairman, Mr D. M. Rouse, well and truly through the mangle. The half dozen items on the agenda all had to do with capital restructuring sufficient to point Anzon in the direction of salvation. Mr Rouse opened the meeting by telling the sixty or so shareholders present that the scheme of arrangement approved a year ago had been completed. Shareholders were also told that only the specific items on the agenda would be discussed, as required of an extraordinary meeting. Nevertheless, one shareholder, a Mr Nolan, managed to spark some sharp discussion on wider issues, as he raised points as “background” to the item under consideration. Mr Nolan lit a major fire in the brushwood when he rose to speak to a resoluion which would see the chairman, Mr Rouse, issued with two million fully-paid shares of 10c each. The issue of the shares is to be in full satisfaction of all services and expenses incurred by Mr Rouse between October, 1987, and the date of completion of the scheme of arrangement. In that time, Mr Rouse received

no remuneration and was not reimbursed for expenses. Mr Nolan reminded shareholders that Mr Rouse had bought a substantial parcel of shares from Chase Corporation for only one dollar. This, he thought, was sufficient recompense and it seemed iniquitous to have more shares issued now. Rather, he said, Mr Rouse should resign as a director of the company. The resolution was put to a secret ballot which saw the proposal adopted by a clear majority. Other resolutions saw the authorised capital of the company increased from $4 million to S2SM. The directors were sanctioned to issue up to 100 million ordinary shares of 10c each in consideration of cash or real property pursuant to agreements with the party willing to acquire a majority interest in the company. This is an American comapny with real estate interests in Fiji. A representative of the American company told the meeting that he was in no position to guarantee that any deal would be proceeded with, but there was at least a 50-50 chance that matters would be resolved before Christmas. Shareholders also sanctioned the issue of one million shares to each of Messrs M. A. Hoare and V. N. Gill. Mr Gill is now a director of Anzon.