11 Jun 2014

Bid to delay Abano meeting fails

1:26 pm on 11 June 2014

Two Abano Healthcare shareholders have lost their High Court bid to delay the special meeting to vote on whether to remove chairman Trevor Janes.

Abano's directors have unanimously recommended shareholders vote against removing Mr Janes.

Shareholders Peter Hutson and James Reeves had applied to the High Court to delay the meeting they requisitioned.

Messers Hutson and Reeves own 18.5 percent of Abano - shareholders need 5 percent of a company to requisition a special meeting.

The pair say in a statement they are disappointed by the judge's decision and that they view the special meeting process as fundamentally flawed.

However, they say they are not going away and their next step will be to requisition another special meeting.

Abano has welcomed the court's decision.

The company said all the complaints which Messers Hutson and Reeves have made to the Financial Markets Authority and the stock exchange operator, NZX, have now been dismissed.