Australia: Slap in the face to Lion Nathan in unanimous Coopers’ vote
Coopers shareholders have sent a strong message to Lion Nathan with a unanimous vote in favour of a share buyback scheme at an Extraordinary General Meeting in Adelaide on December 7 , Coopers announced the same day
More than 95% of the shares eligible to vote participated in today’s meeting.
Shareholders voted 1,187,210 to nil in favour of amending the constitution to clarify that the shares purchased under the buyback did not have to go through the pre-emptive rights schedule.
A second vote to approve the buyback went 1,186,210 to nil.
Under the approved buyback, up to 15% of Coopers shares will be purchased at $260 this financial year with further annual buybacks of between 2.5% and 5% over the next five years.
Coopers Managing Director, Dr Tim Cooper, said the result was very pleasing.
“Our shareholders have shown overwhelming support for the capital management program proposed by Directors,” he said.
“It provides shareholders with liquidity options for their shares while maintaining an appropriate capital structure and gearing level for the Company.”
Shareholders have been given until January 13, 2006 to decide whether to take part in the buyback.
Dr Cooper said Coopers shareholders were looking forward to next week’s EGM, at which they would decide the future of their company.
“This is about the will of the shareholders and we are now keen to make sure they get their chance to make their decision,” he said.
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