Forum Archive Index - March 2001

["Colin Ross" <ceejaynz@xtra.co.nz>]

Just a general impression for a very ordinary punter.

Ive just got home from the long-winded meeting.

Rod Deane made a very well structured argument in favour of the Shell offer, stressing in particular, the need to unbundle the letter stocks, with Energy being the key to that.

He further emphasised the consequences of deferring the Shell offfer, and the time delay that would result from  Shell walking away from the deal after 23 march.

Quite a clever ploy from Peak, was to table a motionto adjourn the meeting until 23 March.

 Deane was obliged to accept the motion, and interestingly enough, it emerged that the adjournment would only require a +50% vote to be passed, whereas, the acceptance of the Shell offer would require a 75% acceptance.

So, effectively, Peak created an opportunity to kill the shell offer on a 50% majority.

There was plenty of highly emotional and some amusing comment. Deane impresses me as a professional Chairman - unflappable to the core ..

Dunphy did not impress me as terribly sincere, perhaps he was overwrought, but there you go.

Much was made of the lack of commitment in the Peak offer.

OK.. The adjournment issue had to go to a vote - the adjournment issue was defeated. It took an hour or so to count the Ballots, so we retired for a beer and some food.

Then the business was resumed, we filled in our forms, handed them in, and I  headed home. At this point I know not what will happen, but I think the unbundling will  go ahead.  Only those who hold energy shares will have much interest in getting the best price for FEG, the others will be only too keen to get the letter stocks unentangled,, and move on to the next business.

I think I need another beer  !!

Ceejay