Some shareholders are seeking a change of direction. Photo / Bay of Plenty Times
A group of disgruntled Wool Equities shareholders is today pressing ahead with plans to force a special company meeting aimed at removing the current board.
That is despite the failure of a number of complaints made by the group to the NZX.
Group spokesman John Shirtcliff said discussions
were due to be held with the board of the NZAX-listed biotech investor this afternoon about when the special meeting will be held.
Last Thursday, the Securities Commission announced it had reviewed trading in Wool Equities shares and decided to take no action over allegations of insider trading.
The allegations - against former chairman Richard Bentley and former chief executive Mark O'Grady - were referred to the commission by the NZX in November.
In January, NZX Regulation found there was a prima facie case the company had breached continuous disclosure obligations and expressed disapproval. But it said the breach was not serious enough to warrant disciplinary action. Wool Equities had hoped to get the breach finding reconsidered but was unsure late last week where that matter was at with NZX.
Two other complaints, related to claims the company breached listing rules by failing to get shareholder approval for various moves, were not upheld.
Shirtcliff said the NZX Regulation decision had been appealed against by his group and that the commission had not been prepared to give him further details about its decision.
He said the commission's ruling would not affect the group's determination to remove current directors.
"Nothing's changed from our point of view. We just believe there are better directions for Wool Equities to be heading in."
But Wool Equities chairman Andy Pearce said he understood Shirtcliff's group might propose some other ways of resolving their issues rather than an "expensive" special meeting.
He said he would have to wait to see what they were before he could assess their merits.
