Share
- Release Date: 06/05/14 12:09
- Summary: S/HOLDER: NZR: NZR Responds to Correspondence from Mr Bryan Halliwell
- Price Sensitive: No
- Download Document 2.15KB
NZR
06/05/2014 10:09
S/HOLDER
REL: 1009 HRS The New Zealand Refining Company Limited
S/HOLDER: NZR: NZR Responds to Correspondence from Mr Bryan Halliwell
A shareholder of the Company, Mr Bryan Halliwell, has written to a custodian
that holds shares on behalf of a number of investors in the Company,
requesting support for resolutions that he has proposed for the Company's
2014 Annual Meeting. The Company has written to the same custodian in the
following terms:
Dear Refining NZ shareholder,
You will recently have received a copy of a letter dated 22 April 2014 from
Mr Bryan Halliwell, who is a Refining NZ shareholder. The purpose of this
letter is to provide you with a brief response to that letter and an
opportunity to request further information should you wish to do so.
Mr Halliwell has for a number of years proposed resolutions at Refining NZ's
Annual Meetings that assert that its processing fees are too low and that it
ought to increase them substantially in order to generate increased profits.
He has also written to the Financial Markets Authority, Serious Fraud Office,
Ministry of Business, Innovation and Employment and the Inland Revenue
Department, among others, on the same topic. Refining NZ's shareholders have
voted against his motions - at the last AGM by margins in excess of 99% - and
none of the regulators and authorities to which he has written have taken the
matter further.
Refining NZ does not agree with Mr Halliwell's assertions, primarily on the
basis that, drawing on his oil industry experience of more than twenty years
ago, he fails to appreciate that Refining NZ no longer operates in a
government regulated environment, does not enjoy price protection as a
result, and cannot set its pricing at will, as it must remain price
competitive with overseas refineries from which its customers import fuels.
Refining NZ responds to Mr Halliwell's proposed resolutions in its Notice of
Annual Meeting to shareholders, a copy of which is now available on the NZX
website. Should you wish to know more, you are welcome to contact Refining
NZ.
Yours faithfully
David Jackson
Chairman
End CA:00250117 For:NZR Type:S/HOLDER Time:2014-05-06 10:09:55
