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India Equities Fund holds off share payments
Resolutions to return a share dividend to be proposed for an extraordinary general meeting (EGM) scheduled for India Equities Fund on 18 October will no longer be considered, the fund has announced.
Requisitionist GW Holdings had not met certain requirements of the company’s constitution, the fund said, and although GWH said it did not support this position it said it would not press for the resolutions to go ahead.
It had been proposed that the board return capital of 5.75 cents per share to shareholders. If that return is not approved at a subsequent EGM on 5 November it would amount to a vote of no confidence in the board, according to the fund.
If that happens the directors will appoint James Chirnside, Alexander Feher and Gabriel Radzyminski as additional directors and Don Christie, David Carruthers and Cliff Clayton will resign.
The fund, which last year announced it would be pushing further into the superannuation funds arena, will manage the implantation as quickly as possible if shareholders approve the return on 5 November.
AUTHOR
Mike Taylor
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