DISSATISFIED SHAREHOLDERS

New Zealand Herald, Volume XLVIII, Issue 14818, 23 October 1911, Page 8

DISSATISFIED SHAREHOLDERS

NEW DIRECTORS WANTED.

[BY TELEGRAPH.PRESS ASSOCIATION'.] Waxcantti, Sunday. A SPECIAL general meeting of the Wanganui Meat Freezing Company was held en Saturday afternoon to consider the following notice of motion :—"That, providing a purchaser can be found for the company's assets and business as a going concern at a price which (after providing for all liabilities) will produce a sum sufficient to return to the shareholders at least the par value of their shares, the shareholders consider such sale desirable, and authorise the same." After a long discussion an amendment was carried to the effect that, with the exception of the chairman (Mr. Alfred Burnett) and Mr. G. S. Robertson (who is Nelson Bros.' representative), the board of directors resign immediately, and that Messrs. Henry Cornfoot, R. E. Beckett, Alan Robinson, and C. L. Duigan be appointed to the board. The meeting then adjourned to a date to be fixed, when the resolution will be submitted for confirmation.

It is possible that the remaining directors will also resign, in which case a deadlock will occur, as the articles of association do not provide for the appointment of new directors save by the board, of which three are necessary to form a quorum. The promoters of the meeting are fully satisfied with the soundness of the company, but are dissatisfied with the management.