Meikles Africa postpones EGM as key shareholder has reservations about merger |
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Published
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Wed, 14 Nov 2007 09:36
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LONDON (Thomson Financial) - Meikles Africa Ltd said it has indefinitely postponed its extraordinary general meeting, as its largest minority shareholder has expressed reservations about the resolution pertaining to the acquisition of Kingdom Financial Holdings Ltd.The EGM, originally scheduled for Nov 15, was convened to discuss the merger between Meikles Africa, Kingdom Financial and Tanganda Tea -- among other resolutions.Meikles reiterated it has received substantial support for the merger from the market, while further substantial support has been received from shareholders for the other resolutions.However it needs more time to discuss the issues of the minority shareholder, and thus has called for a postponement of the EGM.On Oct 1, Meikles said the planned merger has received support from 55 pct of its shareholders, 86 pct of Kingdom shareholders and 58 pct of Tanganda shareholders.TFN.newsdesk@thomson.comjro/sljCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Meikles Africa's units remain profitable despite difficult trading conditions 