Shareholders of GoldLink IncomePlus, the listed fund manager that couldn't make money out of gold even as it rose to record levels, have voted against the voluntary wind-up of the company.
In results from GoldLink's AGM, held in Sydney this morning, shareholders with 34,295,005 securities voted in favour of the motion, but 59,380,018 voted against. There were 45,064 abstentions.
The motion to appoint a liquidator was also defeated.
There has been a stoush about whether to accept an offer from Emerald Capital to acquire 45 per cent of GoldLink's shares, or to return cash to shareholders.
"The board has offered shareholders the ultimate opportunity to resolve the conflict, through a liquidation," chairman Mark Smith said, "but also recognises that some shareholders may not support a voluntary winding up."
In its third supplementary bidder's statement, forwarded to the ASX by its solicitors on December 5, Emerald said it had extended its offer to December 22 and increased consideration to 25 cents per share. Emerald said it estimates GoldLink's net cash backing at 22 cents per share.
GoldLink listed on December 18, 2003. The price of gold on that day closed at $US409.90 an ounce on the spot market. Today, almost five years on, gold is trading around $830 an ounce.
GoldLink’s shares were placed in pre-open at the request of the company this morning at 20.5 cents. Before its descent, which began in late 2005, GoldLink’s shares were hovering above $1.20.
GLI
goldlink incomeplus limited
