BRIAN BORU DREDGE

Greymouth Evening Star, 15 September 1934, Page 5

BRIAN BORU DREDGE

SHAREHOLDERS’ MEETING The following are extracts from the officially supplied summarised report of the proceedings at an extraordinary general meeting of shareholders of the Brian Boru Gold Dredging Co, Ltd., held at Greymouth, on Monday last:— “There was an attendance . of 44 shareholders including the directors all of whom were present. Mr Donnellan stated that as Chairman of Directors he was entitled to preside at all meetings of the Company, but as a motion was to come before the meeting’to remove the directors from Office he thought it might be advisable for someone else to preside, and he offered to stand aside in favour of Mr F. A. Kitcliirigham, who was a shareholder : an4 as the company’s solicitor and an experienced chairman, would be able to guide the meeting along tlie right, lines. On the motion of Mr C. M. Kavanagh, seconded by Mr M. J.' Fogarty, Mr Kitchingham was ask ed to take the Chair.

In consenting to do so Mr Kitchingham asked that all speakers keep strictly to facts. At his request the secretary read the notice calling the meeting, also the directors’ letter to shareholders which accompanied the circular and the letter circulated by ■Mr ’Kavanagh on behalf of the committee arranged by the Christchurch meeting. The secretary also read a letter to Mr Kavanagh from the Company asking for particulars of any further charges to be laid against the director’s and Mr Kavanagh’s reply thereto. Mr Kavanagh addressed the meeting for about two hours and dealt with the principal matters set out in his circular letter to shareholders. The most of his time was occupied in dealing with, the fluctuation of the market in the Company’s shares. He referred to the matter of the non-pub-lication of the yardage worked each week, the failure to have the gold tables locked, the washing of the gold by the brother of the Chairman of Directors and the matter of the further boring of the Company’s area. He concluded by moving “that the directors be removed from office.” This was seconded by Mr T. S. Reddell. The Directors’ reply to the letter circulated to shareholders by Mr Kavanagh on behalf of the committee appointed. at the Christchurch meeting was read by the secretary,' after which Mr Donnellan answered a number of questions. He supplemented the directors’ reply as read by the secretary and after further discussion the motion on being put to the meeting was lost on a show of hands by 7 votes to 37. On a poll being demanded scrutineers were appointed and the voting result was: For the motion 217,030 votes —against the motion 240,250 votes. The Chairman declared the motion lost.

Protective Committee. —After a brief discussion on this question Mr Kavanagh moved that a protective committee of three be appointed to investigate the affairs of the Company for a period of one month from date with power to take over the control of the dredge during that period. The motion was seconded by Mr Hunter. Mr Kavanagh' nominated Mr Hunter, Mr Dailey and Mr Fogarty as the Committee, but Mr Fogarty declined. Mr Kavanagh then nominated Mr F. Siegert, but he also declined, and Mr Kavanagh then altered his motion so that tlie Committee should consist of two. Mr Levett moved an amendment that as‘the directors were not deposed they exercise their full prerogative as Directors of the Company. The Chairman ruled that the motion was out of order', the requisite notice for such a resolution not having been given. Mr Kavanagh said that he was not satisfied with the Chairman’s ruling on the point and. asked that the motion be put for the purpose of record. Mi’ Levett’s amendment being a direct negative of the motion was then ruled out of order, and Mr Kavanagh’s motion was put to the meeting, four shareholders voting for the resolution, which was declared lost. Mr Kavanagh as representing at least one-quarter of the share capital, then demanded a poll which was duly taken, Mr Dee, Mr Reddell and the secretary again being appointed scrutineers. The result of the poll was: For the motion 215,880, against 239,250, the motion being declared lost. Mr Dee moved a hearty vote of confidence in .the Chairman of Directors and his co-directors. This was seconded by Mr J. McCormack, and was carried unanimously. The meeting concluded at 1.15 a.m.