Forum Archive Index - March 2001

["charlie brown" <gordy_gecko@hotmail.com>]

The answer is apparantly "Yes".....

Look forward tomorrow....


>From: "Colin Ross" <ceejaynz@xtra.co.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: <sharechat@sharechat.co.nz>
>Subject: [sharechat] Fletcher Meeting
>Date: Tue, 6 Mar 2001 20:14:27 +1300
>
>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

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