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- Release Date: 27/04/12 17:50
- Summary: MEETING: NZR: The CCR Project - result of shareholder vote
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NZR
27/04/2012 15:50
MEETING
REL: 1550 HRS The New Zealand Refining Company Limited
MEETING: NZR: The CCR Project - result of shareholder vote
Refining NZ shareholders today voted for a $365 million expansion of petrol
making facilities at the Marsden Point refinery.
The ordinary resolution to approve the CCR (Continuous Catalyst Regeneration
Platformer) Project required a simple majority (50 percent) of those cast at
the Annual Meeting for it to proceed. The result was 64.5% percent of votes
in favour of the Project, with 35.5 percent against.
Refining NZ Chief Executive, Ken Rivers described the result as positive news
for the Company.
"The CCR Project is a robust opportunity to grow the Company and remain
competitive against imported products while generating significant value for
our shareholders and customers. We believed the case for the CCR Project was
compelling for our shareholders and so it has proved to be".
Mr Rivers said that the immediate priority was to get the CCR Project
underway.
The CCR Project replaces the Company's 1960s semi-regeneration Platformer.
The Project is expected to take around three years to complete and be
operational late 2015.
The result of the shareholder voting on the CCR Project was as follows:
o Of the 203,534,906 oil company shareholder votes, 56 percent were in favour
and 44 percent against.
o Of the 48,576,203 non oil company shareholder votes, 99.8 percent were in
favour and 0.2 percent against.
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:00222288 For:NZR Type:MEETING Time:2012-04-27 15:50:55
