asciano closer to debt deal approval

Asciano closer to debt deal approval

http://business.smh.com.au/business/asciano-closer-to-debt-deal-approval-20090722-dt15.html
Asciano closer to debt deal approvalJuly 22, 2009 - 2:23PM
Asciano shareholders are well on the way to backing the company's bid to raise $2 billion to pay off debt and position the business for the future.

Asciano completed a $2.35 billion rights issue and placement last month, but still required shareholder approval to use $1.55 billion of that amount. The $1.35b conditional placement had to go to the vote before it could get issued.

With postal votes already showing an overwhelming majority of voters approving the deal, shareholders attending an extraordinary general meeting in Melbourne this morning also cast their votes. A final tally is expected later in the day.

The two resolutions requested the unconditional placement of 209.6 million stapled securities at $1.10, and the conditional placement of 1.2 billion stapled securities for the same price.

A third resolution- to approve 176,000 similar-priced shares to chief executive Mark Rowsthorn to enable him to retain 10 per cent of company shares - lapsed. Mr Rowsthorn last week opted not to take up the allocation, but instead bought 36 million shares for $1.10, giving him 4 per cent of the company's stock.

Chairman Tim Poole told the meeting that more than 96 per cent of retail shareholders had already supported the resolutions, and he would cast cast proxy votes in favour of both.

In the early afternoon, Asciano's shares were trading at $1.325.

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