NZR
30/04/2013 16:13
MEETING
REL: 1613 HRS The New Zealand Refining Company Limited
MEETING: NZR: Appointment of Directors and Poll Results
Appointment of Directors and Results of Ordinary Resolution (Poll Results)-
Annual Shareholders Meeting, 30 April 2013
Appointment of Directors
The Directors of the New Zealand Refining Company Limited advise that the
following directors, who retired by rotation in accordance with clause 8.6 of
the Constitution, were re-elected as directors of the Company, at the Annual
Meeting held 30 April 2013:
Mr. M.J. Bennetts
Ms. K.E. MacMillan
(Mr. A.J. Clements, who also retired by rotation, did not seek re-election.
The Board will make an announcement regarding a replacement for Mr. AJ.
Clements once an appointment has been made, pursuant to Clause 8.5 of the
Constitution).
Mr. M.H. Elliott, appointed to the Board on 3 May 2012 to fill a casual
vacancy pursuant to Clause 8.5 of the Constitution, was also elected as a
director of the Company.
Ordinary Resolutions -Poll Results
A poll was undertaken in respect of resolutions 3(a), 3(b) and 3(c), being
resolutions put forward by Mr. Bryan Halliwell, pursuant to Article 7.23 of
the Constitution. The results of the poll were as follows:
Resolution 3(a)
"That the Shareholders disagree with the present 30%/70% "Gain sharing"
arrangement, of the Gross Refining Margin, with the User-shareholders,
through the continuing provisions of the 1995 NZRC-Users Refinery Processing
Agreements".
Percentage of votes in support of the motion 0.61%
Percentage of votes against the motion 99.39%
Resolution 3(b)
"That the Shareholders disagree with the present arrangements, being utilised
by NZRC and the Users, under the 1995 NZRC-Users Refinery Processing
Agreements, with the : "Market related elements of the price formula, (which)
are reviewed, annually, between management and each customer, and
renegotiated, where necessary."
Percentage of votes in support of the motion 0.60%
Percentage of votes against the motion 99.40%
Resolution 3(c)
"That the shareholders disagree with the decision of the Board, to not fund
Bryan Halliwell's proposed Court Application, in which he would apply for a
Court Order, which would require NZRC, and the User Companies, to eliminate,
or to at least substantially reduce, the benefits which the User Companies
now receive, from the "Gain sharing", and "Market related benefits",
arrangements, utilised by NZRC and the Users, under the 1995 NZRC-Users
Refinery Processing Agreements".
Percentage of votes in support of the motion 0.57%
Percentage of votes against the motion 99.43%
D.M. Jensen
Company Secretary
30th April 2013
End CA:00235678 For:NZR Type:MEETING Time:2013-04-30 16:13:44
