- Release Date: 13/08/14 13:46
- Summary: MEETING: MTF: MTF shareholders support company
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MTF 13/08/2014 13:46 MEETING REL: 1346 HRS Motor Trade Finances Limited MEETING: MTF: MTF shareholders support company 13 August 2014 MTF shareholders support company Motor Trade Finances Limited (MTF) advises that all seven resolutions put up by nine shareholders questioning the management of the "Sportzone case" were defeated by a significant margin at a Special Meeting held in Dunedin today. The company chairman Stephen Higgs thanked shareholders for their support in defeating the seven resolutions. "While we were obliged under the Companies Act to hold the meeting to consider the resolutions, the MTF board did not believe they were in the best interests of all shareholders. We see this vote as a strong endorsement of our board and management and of our handling of the Sportzone case," he said. Voting In total, 83% of the available vote was cast, which is a significantly higher turnout than normal. The nine shareholders who put forth the resolutions held 8.1% of the available vote. All seven resolutions were defeated. Results of voting: Votes cast For Against Outcome Resolution 1 19,119,940 17% 83% defeated Resolution 2 19,119,940 17% 83% defeated Resolution 3 19,119,940 16% 84% defeated Resolution 4 19,119,940 17% 83% defeated Resolution 5 19,119,940 15% 85% defeated Resolution 6 19,119,940 15% 85% defeated Resolution 7 19,119,940 24% 76% defeated Total votes 133,839,580 Mr Higgs commented: "The proposing shareholders, including their 8.1% shareholding, received no more than 17% for the first six resolutions. As to resolution 7, regarding better communication, we acknowledge that we can always communicate better and will continue to improve the way in which we communicate with all our shareholders. We hope we can now put this meeting behind us and work with all shareholders and interested parties to maximise value for all shareholders." Contact Angus Bradshaw 03 467 7988 End CA:00253817 For:MTF Type:MEETING Time:2014-08-13 13:46:16
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