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Murray Goulburn shareholders ditch shares

Murray Goulburn shareholders voted to give up their A Class Preference Shares for cash at a special meeting in Melbourne last week.

June 10, 2014 3:03pm

Murray Goulburn shareholders voted to give up their A Class Preference Shares for cash at a special meeting in Melbourne last week.

The preference shareholders voted on the proposal to have the class cancelled in exchange for $1.25 a share, as part of a restructure the company is pursuing.

The vote achieved the minimum 75 per cent of votes required to pass the resolution.

A total of 23 per cent of the A Class holders voted against the resolution.

These shareholders had been guaranteed a minimum return of eight per cent each year.

Murray Goulburn chairman Philip Tracy said he was pleased the resolution was passed.

‘‘The A Class Preference Shares consisted of mainly very small shareholdings, 20 per cent of which we have been unable to contact, and was an old class of share that has been closed to new shareholders for more than a decade.

‘‘In these circumstances, the board’s view was that a cancellation of the A Class Preference Shares was the right way forward and represented the best outcome for both A Class Preference Shareholders and our current supplier/shareholders.’’

He expected the payment for the shares to occur about June 24.

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