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
