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- Release Date: 15/04/13 13:49
- Summary: MEETING: NZR: Media Release: Independent Directors Oppose Resolutions
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NZR
15/04/2013 11:49
MEETING
REL: 1149 HRS The New Zealand Refining Company Limited
MEETING: NZR: Media Release: Independent Directors Oppose Resolutions
Refining shareholders advised to oppose resolutions for change
Refining NZ (NZR) Independent Directors have indicated their opposition to
proposed changes to the Company's processing arrangements set out by three
resolutions for the Company's forthcoming annual meeting.
The resolutions tabled by shareholder Bryan Halliwell ask shareholders to
'register' their disagreement with the Company's processing arrangements and
to support his moves for them to be 'rewritten'. Full details of the
resolutions are outlined in the Company's Notice of Meeting issued to
shareholders today.
Commenting, Mr Jackson said the matters raised by Mr Halliwell are not new;
citing a similar resolution from the same shareholder that had been voted
down at the Company's annual meeting in 2010: - "a considerable amount of
time has already been spent explaining these arrangements and the Company's
position."
"The processing arrangements are reviewed annually by the Independent
Directors with management, on top of which independent reviews have confirmed
that these arrangements remain "generally reasonable" to all parties,
including the non-user shareholders.
"The Independent Directors are satisfied that the issues raised by these
resolutions are without substance. Shareholders have been informed that the
Independent Directors will be voting against these resolutions and have
advised all shareholders to do the same."
The Independent Directors response to the resolutions is set out in the
Notice of Meeting which Mr Jackson encouraged shareholders to read before
voting, adding that Refining NZ has invited shareholders wanting to know
more, to contact the Company directly.
The annual meeting of Refining NZ (NZR) shareholders will be held at the
Company's offices in Marsden Point, Whangarei on Tuesday, 30 April, 2013.
ENDS
For further information contact:
Greg McNeill
Communications & External Affairs Manager
Refining NZ
P: (09) 4328311; M: 021 873623; E: [email protected]
www.refiningnz.com
End CA:00235196 For:NZR Type:MEETING Time:2013-04-15 11:49:32
