- 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
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