- Release Date: 30/04/13 18:13
- Summary: MEETING: NZR: Appointment of Directors and Poll Results
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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
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