A potentially heated special meeting of blood products company ICP Biotechnology turned out to be calm as a listings rules waiver for one of its major shareholders was approved.
Some had predicted a square-off between Viking Capital, run by Brent King, and fellow major shareholder Earl Stevens, who
was dumped as managing director in May following a severe profit downgrade.
But Stevens' name was barely mentioned at yesterday's meeting at Auckland's Eden Park, where six resolutions were approved without any dissent from shareholders.
The most notable resolution approved a listing rules waiver for Viking to increase its 19.4 per cent stake to above the 20 per cent threshold without making a full takeover offer.
Viking had agreed to sell two freeze dryers it is leasing to ICP for $1.7 million of ICP shares and warrants. The new shares would increase Viking's stake to nearly 30 per cent.
Viking paid about $1.5 million for the dryers in February and has agreed to lease them at $36,000 a month for five years. However, ICP chairman Roger Gower included capitalised rentals of $216,000 as ICP has not had the cash to pay the lease.
Gower said Viking bought the dryers only to assist ICP.
The only mention yesterday of Stevens was by one shareholder who said his efforts with the company should not be forgotten, a comment which drew applause.
Stevens had earlier accused Viking and King of taking control of ICP by stealth.
Gower said he wasn't surprised at the unanimity at the meeting.
Chief executive Sanne Melles said the company had made good progress since the profit downgrade.
He said there was a strong demand for blood products worldwide and that the country'sdisease-free reputation meant that New Zealand blood products were valued internationally.
This month, the Securities Commission cleared ICP of not continuously disclosing its position.
- NZPA
