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- Release Date: 10/04/14 17:37
- Summary: GENERAL: ABA: Abano Responds to Misleading Communications Campaign
- Price Sensitive: No
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ABA
10/04/2014 15:37
GENERAL
REL: 1537 HRS Abano Healthcare Group Limited
GENERAL: ABA: Abano Responds to Misleading Communications Campaign
Abano Healthcare Group has received further communications from Peter Hutson
and James Reeves (Hutson/Reeves), which have been released publicly, and
include a request for Trevor Janes to step down as chairman.
The company sees no merit in the Hutson/Reeves comments and will consider
whether further response is required in due course. The Board supports Trevor
Janes as chairman and remains unanimous in its support of the company's
strategic direction and all its responses to Hutson/Reeves.
After taking legal advice and engaging with the NZX, the Abano Board
confirmed Mr Janes' independence, prior to the publication of the 2013 annual
report and the 2013 annual meeting.
Subsequent to that, NZX has issued a class waiver relating to independent
director requirements in relation to all Accident Compensation Corporation
board members.
Regardless, Mr Janes' independence is irrelevant and has no corporate
governance implications for Abano as the number of other independent
directors of Abano has at all times exceeded NZX requirements.
Abano provided FY14 market guidance on 18 March 2014. This guidance is up on
last year, ahead of brokers' expectations and ahead of the forecast which was
set out in Grant Samuel's independent valuation report as released to the
market on 26 November 2013 and subsequently reaffirmed by Grant Samuel in
March 2014.
Hutson/Reeves continue to use selective, misleading and deceptive statements
across their communications. The company has already referred this matter to
the FMA and we understand the Hutson/Reeves actions have been under active
investigation for some months.
We are disappointed that Hutson/Reeves continue to refuse to engage with the
Board, despite numerous invitations to meet with the full Abano Board and/or
Board representatives.
We are not surprised, that Mr Hutson, who failed in an attempt to take over
the company at benefit to himself above other shareholders, continues to
attack the credibility and value of the company.
ENDS
End CA:00249362 For:ABA Type:GENERAL Time:2014-04-10 15:37:02
